Farming organisations have welcomed agreement that the UK has struck a deal to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP is a free trade agreement bringing together 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Under the deal, more than 99% of UK goods exports to CPTPP countries will now be eligible for zero tariffs.
The trade bloc is populated by around half a billion people with a joint gross domestic product (GDP) of £9 trillion in 2021. The combined GDP of the 11 CPTPP members and the UK was worth around £11 trillion in 2021.
Negotiations to join the CPTPP began in June 2021, and concluded after an intensive round of talks in Vietnam earlier this month, with representatives from all member countries agreeing to the UK’s accession.
The Government said the agreement protects the UK’s vital industries and entities, including agriculture, and upholds the UK’s high animal welfare and food safety standards.
Prime Minister Rishi Sunak said: “Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies, as the first new nation and first European country to join. British businesses will now enjoy unparalleled access to markets from Europe to the south Pacific.”
