House of Commons · Written Ministerial Statement
UK accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – Entry into Force
16 October 2024 · Department for Business and Trade
Proposed by Douglas Alexander Lab Co-op Lothian East
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will enter into force on December 15, 2024.
- The government will launch communication plans including media outreach and social media campaigns to raise awareness of the CPTPP.
- Practical guides to help businesses understand the CPTPP will be available online starting December 15, 2024.
Issue summary
The statement announces the entry into force of the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, 2024.
Action requested
The government is preparing communication plans including media outreach, social media campaigns, and business engagement to raise awareness and explain the opportunities presented by CPTPP. Practical guides will be available online from December 15, 2024, to help businesses understand the agreement's practicalities.
Key facts
- The UK’s accession to CPTPP will enter into force on 15 December 2024.
- CPTPP accounts for almost 15% of global GDP or over £12 trillion when the UK accedes.
- Accession could increase UK trade by £4.9 billion annually, boost the economy by £2.0 billion yearly, and add £1.0 billion to real household wages annually.
- CPTPP will bring new opportunities for British businesses with Japan, Singapore, Chile, New Zealand, Viet Nam, Peru, and Malaysia.
- The UK will benefit from a free trade deal with Malaysia worth £334bn with 33 million people.
- Practical guides for businesses will be available online at great.gov.uk from December 15, 2024.