In a speech made by the King, it has been confirmed that the government will bring forward the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with a view to becoming the first European member of the CPTPP.
Eric White, Consultant at Herbert Smith Freehills, comments:
“The signing of the protocol of accession of the UK to the CPTPP is a remarkable achievement and the result of two years of negotiations with the existing parties. The UK will be the first non-Pacific nation to join.
“The CPTPP will not enter into force for the UK until 60 days after it is ratified by the UK and a sufficient number of other parties (at least 6). The UK has several internal hurdles to overcome but today’s pledge to introduce a Bill is a key step towards ratification.
“The CPTPP will facilitate trade with rapidly growing countries. Although the UK already has free trade agreements with many of the parties to the CPTPP (all except for Brunei and Malaysia), it will nonetheless extend free trade for the UK in the Pacific region.”
It is thanks to free trade deals like these that the UK is able to grow its exporting potential across the globe, by helping businesses to expand, and reap great benefits for the UK’s economy. At international Trade Magazine we fully support and encourage progressive action through trade agreements like the CPTPP.
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