UK government trade reports and statistics from the Office for National Statistics or equivalent bodies

UK Joins CPTPP on December 15, 2024, Eliminating 99% of Tariffs in Largest Post-Brexit Trade Deal

Dec 15, 2024, 01:23 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. This accession expands the trading bloc, which includes Japan, Australia, and Canada, into Europe. The UK government anticipates significant benefits from this membership, including the elimination of tariffs on over 99% of goods exported from the UK to CPTPP countries. The agreement is seen as a strategic move to strengthen trade ties in the Indo-Pacific region amid rising protectionism. Japan's Minister of Economy, Trade and Industry expressed optimism about the UK's entry, highlighting expectations for increased exports, particularly in rice. The CPTPP aims to promote free trade and counteract economic pressures from other global powers, including the anticipated trade policies of the incoming Trump administration.