UK’s Pacific trade plans take shape

With Australia, Brunei, Chile, Japan, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, all 11 members of CPTPP are Pacific Rim states, making the UK the first European country to join. While the CPTPP block is expected to account for 15% of global GDP with the UK as a member, the benefits to the UK are mostly strategic. 

In the long-run, the increase in the UK’s GDP from joining CPTPP is estimated by the Department for International Trade to amount to only 0.08%. The fact that the UK already has bilateral trade agreements with nine of the currently 11 CPTPP member states further limits its economic effects. However, it is expected to strengthen economic ties with Asia especially. And as an economically potent member of the block, the UK is eager to play a formative role in shaping CPTPP’s future, according to the UK government.

For the agreement to enter into force for the UK in 2024, at least 6 of the 11 member states need to ratify its accession. Detailed information about the treaty, including business guidance, can be found on the UK government's website.