Government Statement
The Secretary of State for Business and Trade signed the accession protocol to CPTPP on Sunday 16 July in Auckland. The UK will be the first new member since its creation, joining a bloc with a combined GDP of £12 trillion or 15% of global GDP. Accession sends a signal that the UK is using post-Brexit freedoms to boost the economy and secure its position as the second largest economy in CPTPP. It will provide opportunities for British businesses abroad and support jobs at home, with over 99% of current goods exports to CPTPP countries eligible for zero tariffs. Tariffs on whisky will be eliminated within 10 years and on cars within seven years. The agreement also includes provisions ensuring non-discriminatory treatment and greater transparency for services firms. Notably, the UK and Malaysia will now have a free trade agreement for the first time, providing access to a market worth £330 billion.