UK Finalizes Entry into CPTPP Trade Bloc

The United Kingdom has secured the final ratification needed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with the agreement expected to take effect by December 15, 2024. This significant free trade pact includes 11 member countries and will make the UK the only European member and the first new addition since its establishment in 2018. UK Trade Policy Minister Douglas Alexander emphasized that over 99% of UK goods exports to CPTPP members will be tariff-free, potentially boosting the UK economy by approximately £2 billion annually by 2040. The CPTPP aims to enhance economic ties and reduce trade barriers, with the total trading partnership value projected to increase from £9 trillion to £11 trillion. The agreement will come into force in real-time as additional members ratify it. The UK's entry is seen as a crucial development for UK businesses and the broader economy, with high expectations for increased trade opportunities.