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UK permitted to enter second phase of CPTPP trade bloc negotiations

By February 18, 2022No Comments

Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade bloc is one step closer as the UK moves into the second phase of accession talks

In the early hours of this morning, it was confirmed that the UK can move into the second phase of negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade area worth £8.4 trillion in GDP.

This announcement comes ahead of Secretary of State for International Trade Anne-Marie Trevelyan’s visit to Indonesia, Japan and Singapore next week to oversee the launch of the final accession stage and deepen trade ties throughout the Indo-Pacific region.

Moving to the final stage of the accession process is a key milestone to what the International Trade Secretary has hailed as ‘one of the largest and most exciting free-trading clubs in the world’. It means the UK has demonstrated to members of the partnership that we are a high-standards, fair trading economy.

Following today’s announcement, market access negotiations will now begin in which the UK will agree new trading relationships with CPTPP countries, which could lead to 99.9% of UK exports to CPTPP countries being eligible for tariff-free trade. The free trade group includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

For further info, please look at the DIT press release