Since Brexit, there has been a lot of talk about the UK joining the Comprehensive & Progressive Agreement for Trans-Pacific Partnership (CPTPP). The multi-national agreement which includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam has been a long-term aim of different UK Governments.
The benefits have long been discussed however, we are now very nearly at the point where those theoretical benefits can start to be put into practice by UK businesses.
From 15 December 2024, UK traders will be able to trade under the CPTPP with the countries which, to date, have ratified the UK accession. These countries are:
Japan
Singapore
Chile
New Zealand
Vietnam
Peru
Malaysia
Brunei
As well as the list of countries above, the UK will be able to trade with Australia under the CPTPP from Christmas Eve (24th December 2024). When the remaining countries ratify the UK’s accession (Canada and Mexico) the agreement will be ready to be applied to the country 60 days later.
With a combined GDP of £12 trillion, the CPTPP offers fantastic growth opportunities for businesses within both the goods and services sectors including:
Reduced red tape and greater legal certainty for UK service providers
Remove barriers such as data localisation requirements
0% tariff rate on over 99% of the goods we currently export to CPTPP member countries.
New opportunities to diversify supply chains
How Tees Global Can Help You:
If you would like to find out more about the CPTPP and how it can benefit your business get in touch with Tees Global today. Whether you would like to find out more about the reduced red-tape for the services sector or how you can adjust your supply chain to benefit from the CPTPP, we can help you to work out how you can best take advantage of the CPTPP.
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