Minister of State for Trade (): I am pleased to
announce that it has, today, been confirmed that the UK's
accession to the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) will enter into force on 15
December 2024, between the UK and ratified Parties.
CPTPP is one of the largest free trade areas in the world: when
the UK accedes, it will account for almost 15% of global GDP, or
over £12 trillion. The latest analysis shows that accession to
CPTPP could in the long-run increase UK trade by £4.9 billion
every year, boost the economy by £2.0 billion every year and add
£1.0 billion to real household wages every year – supporting this
Government's vital Growth Mission. Every nation and region of the
UK is expected to benefit from this agreement once the UK
accedes. The deal will bring new opportunities for British
businesses, support jobs across the UK, and help shape the future
of international trading rules.
British businesses will be able to take advantage of this global
trade deal by the end of the year, with Japan, Singapore, Chile,
New Zealand, Viet Nam, Peru and Malaysia. Indeed, through CPTPP,
we will benefit from a free trade deal with Malaysia for the
first time - an economy worth £334bn with a population of 33
million people. I would like to thank our valued partners for
their support in ensuring our nations benefit from the deal as
soon as possible.
The UK continues to work closely with the remaining CPTPP Parties
– Australia, Brunei, Canada and Mexico – who are completing their
processes to ratify our accession as quickly as possible. From
this point onwards, for any new Party that ratifies the UK's
accession, the agreement will enter into force with them 60 days
after their ratification.
Next steps
The Department is preparing communication plans ahead of Entry
into Force to ensure businesses can ready themselves to take full
advantage of the opportunities CPTPP presents. These include
media outreach, social media campaigns, and business engagement,
to raise awareness of this significant milestone and explain the
choices and opportunities available to traders.
From 15 December 2024, practical guides for businesses will be
available online at great.gov.uk. These guides cover the
agreement and interactions with bilateral FTAs on topics from
rules of origin to digital provisions and focusing on particular
sectors. Following Entry into Force, the Department will focus on
supporting businesses to understand the practicalities of how
CPTPP works, to ensure UK businesses can get the most out of the
agreement.
