The United Kingdom (UK) became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 15 December 2024.
UK’s Entry into the CPTPP
- Date of Accession: December 15, 2024
- Significance:
- The UK is the first non-founding member and the first European country to join the CPTPP.
- It becomes the pact’s second-largest economy after Japan, solidifying its role as a key player in the Indo-Pacific trade region.
Overview of the CPTPP
Origins:
- Formed in 2018 by salvaging the Trans-Pacific Partnership (TPP) after the U.S. withdrew in 2017 under Donald Trump.
- Maintains most of the TPP’s provisions, focusing on trade liberalization and economic integration.
- Current Members (Before the UK):
- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
- Economic Scope:
- Accounts for approximately 15% of global GDP.
- Represents a combined population of around 500 million people.
- Trade Provisions:
- Eliminates or reduces 95% of import tariffs among member nations.
- Facilitates greater access to each other’s markets and promotes seamless trade relations.
