On December 15, 2024, Britain officially became the first European nation to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the 12th member of this significant trade bloc. This move marks a major milestone in Britain’s post-Brexit trade strategy, aiming to strengthen its global trade links and deepen ties with the Indo-Pacific region.
Key Points
- Strategic Expansion: By joining the CPTPP, Britain aims to expand its trade horizons and diversify its economic partnerships.
- Economic Benefits: The UK government estimates that the pact could boost the economy by £2 billion ($2.5 billion) annually in the long run.
- Trade Opportunities: Membership provides British businesses with lower tariffs and fewer barriers when trading with CPTPP member countries, including Japan, Australia, Canada, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam.
- Influence and Growth: Britain’s accession allows it to influence the future development of the CPTPP, including decisions on potential new members like China and Taiwan.
