LONDON – UK Business and Trade Secretary Kemi Badenoch has signed off on the country’s membership to a major Indo-Pacific trade bloc, bringing British businesses a step closer to being able to sell to a market of 500 million people with fewer barriers, reported German news agency (dpa).
The minister signed the accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand today.
Britain will be the first new member and first European nation to join the bloc – comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – since its formation in 2018.
It represents Britain’s biggest trade deal since leaving the EU, cutting tariffs for UK exporters to a group of nations which – with UK accession – will have a combined gross domestic product (GDP) of £12 trillion (RM71.1 trillion), accounting for 15% of global GDP, according to officials.
The signing is the formal confirmation of the agreement regarding the UK’s membership which was reached in March after two years of negotiations.
Britain and the other 11 CPTPP members now begin work to ratify the deal, which in the UK will involve parliamentary scrutiny and legislation to bring it into force.
Officials estimate it will come into force in the second half of 2024, at which point the UK becomes a voting member of the bloc and businesses can benefit from it. – Bernama, July 16, 2023
