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Instrument of Accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
17 May 2024
Type
Written Ministerial Statement
Department
Department for Business and Trade
At a Glance
Issue Summary
The UK has officially announced its deposit of the instrument of accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking a significant step towards becoming a full member.
Action Requested
The statement provides an update on the completion of processes required for the UK's accession to CPTPP, outlining expected timelines and benefits. The minister emphasizes that the UK will be the first European member and highlights economic and strategic advantages, as well as protections for UK interests.
Key Facts
- CPTPP currently accounts for almost 12% of global GDP.
- Upon UK accession, this will increase to nearly 15%, or over £12 trillion (according to 2023 data).
- The UK will be the first European member and the first country to accede to CPTPP.
- CPTPP Parties have different domestic procedures for entry into force of the Protocol, varying by country.
- Accession is expected to enter into force by the end of 2024.
- Japan, Singapore, and Chile have already completed their legal processes for entry into force.
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