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UK Joins CPTPP as 12th Member, Tapping into £12 Trillion Market and Projected £2 Billion Annual Boost
Dec 15, 2024, 05:17 AM
On December 15, 2024, the United Kingdom officially became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking its largest trade deal since Brexit. The CPTPP includes countries such as Japan, Australia, Canada, and others, and now accounts for approximately 15% of global GDP, or £12 trillion. UK officials have expressed optimism that joining this trade bloc will enhance market access and economic growth, with projections suggesting a potential annual boost of £2 billion to the UK economy by 2040. The UK is the first European nation to join the CPTPP, which is expected to facilitate the elimination of tariffs on over 99% of goods exported from the UK to CPTPP member countries. This move is seen as a significant step in expanding the UK's global trade relationships post-Brexit.
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