The UK is set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) before the end of 2024. This trade agreement encompasses 11 countries across the Indo-Pacific, forming a vast free trade area.
To help member companies understand and benefit from this development, Made in Britain will host two events in the coming months, focusing on the CPTPP’s impact on two different regions.
Event 1: Asia Pacific Region (Pre-Entry into Force)
- Date: Tuesday, 12th November
- Time: 11.00 – Midday
This session will explore the Asia Pacific region and the opportunities presented by the CPTPP, ahead of it coming into force. This includes the following countries: Australia, Japan, Malaysia, Singapore and Vietnam.
Attendees will hear from two UK manufacturing companies about their practical experiences and successes in the region. Additionally, a representative from the UK Department for Business and Trade and other guests will provide insights.
Event 2: Latin America (Post-Entry into Force)
- Date: Early 2024 (specific date TBC)
The second session will focus on Latin America, discussing the CPTPP’s effects after it has been enacted. This includes UK exports to Chile, Mexico, and Peru.
A further two UK manufacturing companies will share their experiences of doing business in Latin America. The session will also involve the UK Department for Business and Trade and other guests dialling in from the region.
Sign-up details will be shared in the coming weeks. Please contact us via the below email address if you would like more details in the meantime.
CPTPP and UK Manufacturing:
- Global Impact: The CPTPP is a major agreement that engages the UK in a group of economies worth 15% of global GDP. It includes more than 500 million people across member countries.
- Economic Growth: Joining the CPTPP is expected to support UK jobs and economic growth, with over 99% of UK goods exports to CPTPP countries becoming eligible for zero tariffs.
- New Opportunities: Membership opens up new markets, including a Free Trade Agreement with Malaysia for the first time. This will provide UK businesses with more access to these markets, helping them expand and diversify.
Additional Benefits:
- Flexibility in Trade: Modern ‘rules of origin’ will allow UK businesses to trade more freely within the bloc, creating new export opportunities.
- Increased Investment: The CPTPP is expected to boost investment between the UK and member countries by reducing barriers and encouraging inward investment.
- Market Access: The agreement provides the UK with new market opportunities, especially in sectors like automotive.
These events and relationship with the Department for Business and Trade sits within Made in Britain’s work and offer to members on supply chains, linked to UK government.
When the events have taken place, members can watch a recording of the webinars in the Members' Area, or email trade@madeinbritain.org for a copy of the presentation or more information.