UK trade and export statistics

UK Joins CPTPP, Expanding Economic Zone to Europe with £2 Billion Boost

Dec 14, 2024, 05:25 PM

The United Kingdom officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, 2024, becoming the first European member of the trade pact. The CPTPP, which includes countries like Japan, Australia, and Canada, now expands its economic zone to Europe, encompassing 12 member countries with a combined GDP of approximately 15% of the world's total, valued at 12 trillion pounds. The UK's accession is expected to eliminate tariffs on over 99% of goods exported from the UK to CPTPP countries, potentially boosting the UK economy by an estimated £2 billion annually by 2040. Japan's Finance Minister Ryosei Akazawa expressed expectations for increased rice exports to the UK, while British Ambassador to Japan Julia Longbottom highlighted the strategic benefits and the potential for expanding exports of products like whiskey and cheese to Japan. The UK's entry into the CPTPP is seen as a significant post-Brexit trade deal, despite some skepticism about its economic impact compared to the benefits of EU membership.