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UK Strikes Deal to Join the Trade Bloc CPTPP

It has been announced that the UK has announced a deal to join the Indo-Pacific trade bloc known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The trade bloc currently includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Once the UK joins the trade bloc will be worth 15% of the global GDP.

UK exports to CPTPP countries were worth £60.5 billion in the 12 months to the end of September 2022, and it is estimated that joining will boost the UK economy by £1.8 billion in the long run.

The UK and CPTPP members will now take the final legal and administrative steps required for the UK to formally sign in 2023.

The Business and Trade Secretary Kemi Badenoch said:

“Joining CPTPP will support jobs and create opportunities for companies of all sizes and in all parts of the UK. It is about giving British businesses improved access to the countries that will be a gateway to the wider Indo-Pacific region which is projected to make up the majority of global growth in the future.”

For more information on the announcement from the Department for Business and Trade, click here: UK strikes biggest trade deal since Brexit to join major free trade bloc in Indo-Pacific - GOV.UK (

To find out more information on the CPTPP, you can read our article from the 2nd issue of Horizon – North East where we explored what the CPTPP actually meant for businesses and the potential opportunities.

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