Reacting to news of an agreement on the UK’s accession to the CPTPP, William Bain, Head of Trade Policy at the BCC, said:
“The addition of the UK to this trading bloc takes it to 12 countries which account for 15% of global economic output.
“It will open up new opportunities for our businesses in both inward and external investment with the other 11 countries.
“The UK has bilateral trading terms negotiated with nine of the eleven current members, but no agreements had previously been reached with Malaysia and Brunei, so they will be of particular interest.
“There are not many multi-national trade agreements like this one, so it is an interesting new prospect.
“We see particular relevance for small and medium sized businesses in reduced costs to import components from member countries to use in manufactured goods for export through the rules of origin in the agreement.
“There are also generous terms for data flows which underpin an increasing part of international trade.
“We will be scrutinising the deal in detail, but at first glance this looks to be good news for UK businesses to enter or upscale their trade in these markets, with increased confidence and more generous trading terms.
“We look forward to speedy ratification and then working with the UK Government, and others, to ensure firms get the best possible access to this thriving market within the global trade system.”
More information on the CPTPP can be found here.