The UK has today launched formal negotiations with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

An agreement would give British businesses unprecedented access to the market worth an estimated £9 trillion each year.

As one of the biggest markets in the world, the CPTPP is home to around 500 million people in countries spreading across Asia and the Americas, including Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan.

According to the latest statistics, British exports to CPTPP countries are set to grow by 65 per cent by 2030 to £37 billion each year. But official membership would cut tariffs on around 99.9 per cent of goods and reduce import and export fees, significantly increasing the competitiveness of British businesses overseas.

Accession could also boost British exports to CPTPP countries by some £3.3 billion each year, research reveals.

Commenting on the partnership, International Trade Secretary Liz Truss said: “Membership would help our farmers, makers and innovators sell to some of the biggest economies of the present and future, but without ceding control over our laws, borders or money. It is a glittering post-Brexit prize that I want us to seize.”

Welcoming the launch of formal negotiations, Gerard Grech, CEO of Tech Nation, added: “We welcome the UK’s membership of the CPTPP. There has never been a better time for UK tech on the global stage. The UK was the 5th greatest digital tech services exporter in the world in 2019 and this agreement will boost even more UK tech scale-ups to expand their reach on a truly global scale.

“Tech Nation looks forward to working with the UK government to support more UK tech companies to scale and succeed overseas.”

For help and advice with related issues, please get in touch with our expert team today.

Posted in Blog.