Reacting to the signing of the Accession Protocol, paving the way for the UK’s accession to the CPTPP in 2024, Staffordshire Chambers International Trade Centre Manager, Allison Tomlinson said:
“The upcoming inclusion of the United Kingdom into this trade bloc brings the total to twelve nations, constituting 15% of the world’s economic output.
“This move will create fresh opportunities for our enterprises in both internal and external investment alongside the other eleven nations, commencing from the latter half of the upcoming year.
“Out of the current eleven members, the UK has secured individual trading arrangements with nine, leaving Malaysia and Brunei outstanding. Hence, these new terms will be of particular significance for traders operating within these markets.
“Such multinational trade pacts are rare, and they introduce novel prospects within a swiftly growing sector of the global economy.
“We observe a specific advantage for small and medium-sized businesses, as they can benefit from reduced expenses when importing components from fellow member countries for integration into products intended for export.
“Additionally, the provisions for data flows, which are increasingly vital for international trade, are quite favorable.
“We will closely examine the Accession Protocol upon its release in the upcoming days. Nonetheless, the accession presents positive prospects for UK businesses seeking to venture into or expand within these markets, offering heightened confidence and more advantageous trading conditions.
“We eagerly anticipate collaborating with the UK Government and other stakeholders to ensure that firms enjoy the most favorable access to this thriving market within the framework of global trade.”
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