Comprehensive and Progressive Agreement for Trans-Pacific Partnership

(Limited Text - Ministerial Extracts only)

Wednesday 16th October 2024 Written Statements

[The Minister for Trade Policy and Economic Security (Mr Douglas Alexander)]

I am pleased to announce that it has, today, been confirmed that the UK’s accession to the comprehensive and progressive agreement for trans-Pacific partnership (CPTPP) will enter into force on 15 December 2024, between the UK and ratified parties.

CPTPP is one of the largest free trade areas in the world: when the UK accedes, it will account for almost 15% of global GDP, or over £12 trillion. The latest analysis shows that accession to CPTPP could in the long run increase UK trade by £4.9 billion every year, boost the economy by £2 billion every year and add £1 billion to real household wages every year—supporting this Government’s vital growth mission. Every nation and region of the UK is expected to benefit from this agreement once the UK accedes. The deal will bring new opportunities for British businesses, support jobs across the UK, and help shape the future of international trading rules.

British businesses will be able to take advantage of this global trade deal by the end of the year, with Japan, Singapore, Chile, New Zealand, Vietnam, Peru and Malaysia. Indeed, through CPTPP, we will benefit from a free trade deal with Malaysia for the first time—an economy worth £334 billion with a population of 33 million people. I would like to thank our valued partners for their support in ensuring our nations benefit from the deal as soon as possible.

The UK continues to work closely with the remaining CPTPP parties—Australia, Brunei, Canada and Mexico—who are completing their processes to ratify our accession as quickly as possible. From this point onwards, for any new party that ratifies the UK’s accession, the agreement will enter into force with them 60 days after their ratification.

Next steps

The Department is preparing communication plans ahead of entry into force to ensure businesses can ready themselves to take full advantage of the opportunities CPTPP presents. These include media outreach, social media campaigns, and business engagement, to raise awareness of this significant milestone and explain the choices and opportunities available to traders.

From 15 December 2024, practical guides for businesses will be available online at great.gov.uk. These guides cover the agreement and interactions with bilateral FTAs on topics from rules of origin to digital provisions and focusing on particular sectors. Following entry into force, the Department will focus on supporting businesses to understand the practicalities of how CPTPP works, to ensure UK businesses can get the most out of the agreement.

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