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United Kingdom Joins CPTPP as 12th Member

  • 17 Dec 2024

On 15th December 2024, the United Kingdom officially became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking a key milestone in its post-Brexit trade strategy.

Key Points

  • About CPTPP: Successor to the Trans-Pacific Partnership, CPTPP includes 11 nations—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
  • UK’s Accession: The agreement will initially take effect between the U.K. and eight ratifying nations, with Australia following on December 24 and Canada and Mexico upon future ratification.
  • Economic Impact: U.K. exports to CPTPP nations reached £64.7 billion in 2022. Membership is expected to boost the U.K. economy by £2 billion annually (0.08% of GDP).
  • Strategic Importance: The U.K. gains a say in CPTPP’s expansion, including applications from China, Indonesia, Taiwan, and Costa Rica.
  • Global Trade Shift: The accession aligns with the “Global Britain” agenda, enhancing access to dynamic Pacific markets and strengthening trade relationships.