On 15 December 2024, the UK became the first European nation to officially join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP is a major trade bloc whose members – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and now the UK – have a combined GDP of £12 trillion.
Britain become the twelfth member of the Indo-Pacific trade bloc last week following years of procedure.
It is anticipated that the UK’s membership of the CPTPP could boost the economy by as much as £2 billion a year, compared with levels of GDP projected for 2040 without the CPTPP deal.
Mel Stride, MP for Central Devon and Shadow Chancellor of the Exchequer, said: “The deal places the UK amongst the fastest growing economies in the world and will create new opportunities for British businesses and workers in the UK.
“The CPTPP is one of the most modern trade agreements in the world and is expected to grow exponentially in the coming years.
“As the second largest economy in the CPTPP, the UK will be placed to maximise our influence in shaping the future of the bloc in line with our interests.”
