UK Announces Accession to CPTPP Set for 15 December 2024
The United Kingdom has secured the final ratification required to officially join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by the end of 2024, marking a significant milestone in global trade relations.
The CPTPP is a free trade area spanning five continents and encompassing almost 600 million people. With Peru’s recent ratification, the UK’s accession to the agreement is set to come into effect on 15 December 2024. This development ensures that over 99% of current UK goods exports to CPTPP members will become tariff-free, providing substantial opportunities for UK businesses to expand their reach within these markets and contributing to the government’s strategic goal of driving economic growth. Projections estimate that by 2040, the agreement could boost the UK economy by approximately £2 billion annually.
The ratification process for the UK’s accession has already been completed by five other CPTPP members: New Zealand, Japan, Singapore, Chile and Vietnam. With these ratifications in place, the agreement will take effect for these countries by 15 December, with other members expected to follow as they complete their ratification processes. Alliott NZ continues to monitor developments closely and is working in conjunction with the remaining member countries as they proceed with their ratifications.
As the first country to accede to the CPTPP since its inception, the UK is poised to play a pivotal role in shaping the future of the agreement. This includes influencing the development of the CPTPP rulebook and advocating for the expansion of the partnership to include new economies.
Alliott NZ has helped many companies successfully set up shop in New Zealand. Our experience in this area has helped to position many of them for growth in the local market by putting in place tax structures to suit their specific needs.
Please call Greg Millar or Vanessa Williams on +64 9 520 9200 to discuss your particular situation and receive advice that is relevant to you. Read more »