THE UK HASRATIFIEDTHE CPTPP

WHAT DOES THIS MEAN FOR
THE UK & CPTPP MARKETS?

ONLY SIX ECONOMIES, IN ADDITION TO THEUK, NEED TO RATIFY BY OCTOBER FOR THE
DEAL TO ENTER INTO FORCE BY THE END
OF THE YEAR. SINGAPORE, JAPAN, AND
CHILE HAVE ALREADY RATIFIED, WITH
OTHER COUNTRIES IN THE WORKS.
THE ANTICIPATED BENEFITS FOR THE UK
TO JOINING CPTPP INCLUDE:STRENGTHENING TIES WITH SOME OF
THE WORLD’S MOST DYNAMICECONOMIESOPENING NEW MARKETS FORSERVICES PROVIDERSMODERN AND AMBITIOUS DIGITAL ANDDATA PROVISIONSCUTTING TARIFFS ON GOODS EXPORTSNEW OPPORTUNITIES TO DIVERSIFYSUPPLY CHAINSPROVIDING THE WHOLE OF THE UKWITH NEW EXPORT OPPORTUNITIESA TRADE DEAL WITH MALAYSIA AND
BRUNEI FOR THE FIRST TIME
MORE ACCESS TO HIGH-QUALITY
IMPORTED GOODSSTRENGTHENING ECONOMIC SECURITY
ENCOURAGING INVESTMENTVOICES FROMTHE BRITISHCHAMBERS OFCOMMERCE &BUSINESSASSOCIATIONSWE WELCOME TODAY'SANNOUNCEMENT AS A CONTINUINGCOMMITMENT OF THE UKGOVERNMENT'S INTERESTS IN THE
INDO-PACIFIC REGION. WE AREDEDICATED TO USING OURCOMBINED EXPERTISE ANDECOSYSTEMS TO SUPPORT ANDENCOURAGE BRITISH BUSINESSESLOOKING TO EXPAND INTOMARKETS WITHIN THE REGION.
THE OPPORTUNITY TO EXTENDEXISTING TRADE AGREEMENTS
WITH COUNTRIES IN THE BLOC,AND IN THE CASES OF MALAYSIAAND BRUNEI TO ESTABLISH THE
FIRST BILATERAL TRADEAGREEMENTS, ARE SIGNIFICANTFOR THE UK’S POSITION AS A
MAJOR TRADING PARTNER BOTH
GLOBALLY AND IN THE REGION.

BRITISH CHAMBER OF COMMERCE
SINGAPORE EXECUTIVE DIRECTOR,DAVID KELLY"WE SEE TODAY’S ANNOUNCED PROGRESSTOWARDS THE UK JOINING CPTPP AS APOSITIVE STEP IN THE RIGHT DIRECTION.
BEING “ON THE GROUND”, WE SEE EVERY DAY
HOW VIBRANT AND ALIVE WITH OPPORTUNITYTHE BRITISH BUSINESS COMMUNITY IS WITHINSOUTHEAST ASIA, AND WE LOOK FORWARDTO CHAMPIONING THE UK’S INTERESTSALONGSIDE OUR COLLEAGUES THROUGHOUTTHE CPTPP TRADING BLOC.”

THE BRITISH CHAMBERS OFCOMMERCE HEAD OF TRADE POLICY,WILLIAM BAIN
“THERE ARE FEW MULTI-NATIONAL TRADEAGREEMENTS LIKE THIS ONE. THE UK’SADDITION TO THIS BLOC WILL OPEN UP NEWOPPORTUNITIES FOR BOTH INWARD ANDOUTWARD INVESTMENT. TRADE RULES WILLBE MORE FAVOURABLE FORMANUFACTURERS LOOKING TO SELLPRODUCTS TO OTHER MEMBER COUNTRIESAND DATA TRANSFERS FOR FIRMS IN THE
SERVICES SECTOR WILL ALSO BE MORESTRAIGHTFORWARD. CRUCIALLY, IT WILLALSO GIVE THE UK A SAY IN THE BLOC’SFUTURE DEVELOPMENT, MAKING IT A DEAL
THAT WILL WORK FOR OUR TRADERS BOTHNOW AND IN THE FUTURE.”

BRITISH CHAMBER OF COMMERCE
IN JAPAN EXECUTIVE DIRECTOR,SARAH BACKLEY“THE UK’S RATIFICATION OF THE CPTPPSIGNIFIES AN IMPORTANT ACHIEVEMENT FORTHE BUSINESS WORLD, PRESENTING A
VALUABLE OPPORTUNITY FOR THE UK,JAPAN, AND THE OTHER 11 MEMBERCOUNTRIES TO COME TOGETHER IN SETTINGTHE BENCHMARKS FOR GLOBAL TRADESTANDARDS. WE LOOK FORWARD TO THE
AVENUES FOR FRESH OPPORTUNITIES ANDCOLLABORATIONS THIS WILL UNLOCK,PAVING THE WAY FOR ENHANCED ECONOMICPARTNERSHIPS AND GROWTHOPPORTUNITIES FOR OUR MEMBERS IN THE
UK-JAPAN, AND WIDER REGIONALECOSYSTEM.”

BRITISH CHAMBER OF COMMERCE
VIETNAM EXECUTIVE DIRECTOR,MATT RYLAND“AFTER THE FINAL AGREEMENT WAS SIGNEDIN VIETNAM FOR THE UK TO JOIN CPTPP, IT ISFANTASTIC TO HEAR THAT THIS HAS NOWBEEN RATIFIED. BRITCHAM VIETNAM LOOKSFORWARD TO SUPPORTING BRITISH BUSINESSIN MAKING THE MOST OF THIS OPPORTUNITY
AND THE POSITIVE IMPACT ON TRADE &INVESTMENT.”AUSTRALIAN BRITISHCHAMBER OF COMMERCE CEO,TICKY FULLERTON“OUR CHAMBER WELCOMES NEWS OF THE
UK’S RATIFICATION OF THE CPTPP. WITH ITSRESPECTED POSITION IN GLOBAL AFFAIRSTHE UK IS A VALUABLE ADDITION TO THISVERY IMPORTANT PARTNERSHIP IN OURREGION. WE LOOK FORWARD TO THESTRENGTHENING TIES OF CPTPP MEMBERS INTRADE, INVESTMENT AND IN REGIONALSECURITY.”BRITISH MALAYSIANCHAMBER OF COMMERCE CEO,JENNIFER LOPEZ“THE RATIFICATION OF THE CPTPP IS A
PIVOTAL MILESTONE AS IT SYMBOLISES THEFIRST FREE TRADE AGREEMENT BETWEENTHE UK AND MALAYSIA. THIS HISTORICAGREEMENT NOT ONLY FOSTERS TRADE
LIBERALISATION BUT ALSO OFFERS
EXPANDED MARKET ACCESS, BOOSTS TO GDP,AND STRATEGIC INFLUENCE, PARTICULARLYBENEFITING SECTORS SUCH AS SERVICESAND DIGITAL TRADE FOR BOTH BRITISH ANDMALAYSIAN ENTERPRISES. THIS ALSOPROMISES ENHANCED OPTIONS ANDAFFORDABILITY FOR CONSUMERS ANDBUSINESSES ALIKE, HERALDING A NEW ERAOF ECONOMIC DYNAMISM ANDCOLLABORATION.”

BRITISH CANADIAN CHAMBER OFTRADE AND COMMERCE BOARDDIRECTOR, AND BRITISH CHAMBEROF COMMERCE SHANGHAI ADVISORTO THE BOARD, JAMES DUNN
“THE IMPENDING RATIFICATION OF THE CPTPPBY THE UK UNDERSCORES A SIGNIFICANTSTRIDE TOWARDS CEMENTING THE INDOPACIFIC TRADE PACT. THIS MILESTONEHERALDS A WEALTH OF OPPORTUNITIES FORBUSINESSES IN BOTH THE UK AND CANADA.
AS WE EDGE CLOSER TO THE AGREEMENT'SENACTMENT BY THE END OF 2024, WE URGEBUSINESSES TO PREPARE TO LEVERAGE THE
UPCOMING BENEFITS. WE ARE HERE TOSUPPORT BUSINESSES EVERY STEP OF THEWAY.”BRITISH NEW ZEALAND BUSINESSASSOCIATION PRESIDENT,PHIL WOOD
“THE PARLIAMENTARY RATIFICATION OF THEUK JOINING CPTPP IS ANOTHER MAJOR STEPTOWARDS DEEPENING THE UK’S ACCESS TO AGROUP OF COUNTRIES THAT REPRESENT ONEOF THE MOST DYNAMIC AND RAPIDLYGROWING FREE TRADE AREAS IN THE WORLD.
WE LOOK FORWARD TO HELPING BUSINESSESTAKE ADVANTAGE OF THE AGREEMENT’SENTRY INTO FORCE LATER THIS YEAR.”