United Kingdom announces full entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

London, Jan 1 (KUNA) -- The United Kingdom announced on Tuesday that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has entered into full force and effect with all members of the bloc, whose member economies are valued at 13 trillion pounds sterling ($17.59 trillion). The UK signed up to join the agreement in 2023.

The British government stated in a press release that this move “will allow British companies to access markets in the other 11 member countries of the agreement.”

In this regard, British Trade Minister Anas Sarwar said, “With full access to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, new opportunities are now available for British companies in some of the fastest-growing markets in the world.”

He reaffirmed the government’s continued support for British companies to succeed globally, contributing to economic growth and job creation in the country, whether through exporting world-class food and beverage products or securing government contracts.

The UK’s accession to the agreement is expected to add approximately £2 billion ($2.70 billion) to the British economy annually.

The CPTPP is a multilateral trade agreement signed in 2018, incorporating provisions from the Trans-Pacific Partnership agreement signed in New Zealand in 2016.

Canada, one of the agreement’s member states, ratified the UK’s accession last July, with the entry into force scheduled for September 1.

The agreement includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United Kingdom. (End)