As we previously reported, the UK successfully concluded negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on March 31, 2023, and signed the Protocol of Accession on July 16, 2023.
However, the agreement will only come into force once the UK and other CPTPP Parties have completed their legislative processes. The UK government anticipates that this will happen in the second half of 2024.
The UK government anticipates the agreement will come into force in the second half of 2024
For those unfamiliar with the CPTPP, it's an Asia-Pacific trade bloc consisting of 11 countries: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The UK will be the first new member since the bloc was established in 2018. This historic move will open up the world's largest free trade area in terms of Gross Domestic Product (GDP) and market size, accounting for almost one-third of the world's population.
We will keep you updated as the year progresses.