July 16, 2023
Reacting to signsing of the Protocol of Accession, paving the way for the UK to join the CPTPP in 2024, William Bain, Head of Trade Policy at BCC, said:
“The UK’s upcoming addition to this trade bloc will bring it to 12 countries that account for 15% of global economic output.
“It will be open new opportunities for our businesses in both internal and external investment with 11 other countries from the second half of the century Next year.
“The UK has negotiated bilateral trade terms with nine of the current eleven members, but no agreement has been reached with Malaysia and Brunei, so new terms will be of particular interest to traders in these markets.
“Have not much multinational trade agreements such as this one, and it offers new prospects in a fast development sector of the global economy.
“We see specifically related for small and medium enterprises to reduce the cost of importing components from member countries for use in the production of export goods.
“There are also generous provisions for the data flows that underpin a growing part of international trade.
“We will scrutinize the Protocol of Accession in its publication in the next few days. bJoining ut will be good news for UK businesses entering or expanding their commercial activity in these markets, with increased confidence and more generous trading terms.
“We look forward to working with the UK Government and other organizations to ensure companies have the best possible access to this thriving market in the global trading system. .”