Question to the Department for Business and Trade:

To ask His Majesty's Government what provisions were included in the recent negotiations on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to improve free trade arrangements in the financial services sector; and whether this was part of His Majesty's Government's negotiating position.

The high standard Financial Services chapter in CPTPP opens financial service markets between members, expanding opportunities for UK financial services and easing frictions to cross-border trade and investment. Joining will open up new markets to UK firms, including improved commitments which reduce red tape and cut costs. At the same time, CPTPP members retain the ability to regulate financial markets and institutions for legitimate public policy purposes.

The Financial Services chapter was one of the core market access areas considered during the UK’s negotiations to accede to CPTPP. The full treaty text will be laid before Parliament following legal review.