Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):United Kingdom New Member
The United Kingdom became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
- It is a landmark Free Trade Agreement (FTA) finalized in 2018, aimed at reducing trade barriers among its 11 member countries.
- Initially known as the Trans-Pacific Partnership (TPP), the agreement was rebranded as CPTPP after the United States withdrew from the deal in January 2017.
- These countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
- U.K. becomes the 12th member, marking its first major trade pact post-Brexit.
- Significance for the U.K.:
- Entry into force from December 15, 2024, with staggered implementation for some nations.
- Strengthens U.K.’s post-Brexit vision of “Global Britain.”
- Allows access to dynamic Pacific markets.
