The United Kingdom (UK) Government concluded negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 31 March 2023 and signed the Protocol of Accession on 16 July 2023. The entry into force of this Agreement is expected in the second half of 2024, and its main benefits will be as follows:
- Over 99% of current UK exports to CPTPP member will be eligible for tariff-free trade (removing or reducing tariffs);
- Tariffs on UK exports of all building materials and construction machinery to Malaysia will be eliminated; and
- Tariffs on UK exports of building materials to Vietnam will be eliminated.
The current members of CPTPP are Australia, Brunei, Canada, Chile, Japan, Malysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Currently, the UK already has Free Trade Agreements (FTAs) with many of the CPTPP members, but the CPTPP UK Tariff Schedule will eliminate nearly all tariff barriers.
The link to the UK Government press release can be found here: The UK and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - GOV.UK (www.gov.uk)
The link to the CPTPP Tariff Schedule can be found here: annex-2-D-united-kingdom-tariff-schedule.pdf (publishing.service.gov.uk)
