Page 47 - Horizon Han22

The CPTPP...
We take a look at what the CPTPP is, how it could benefit UK businesses and, why the UK Government sees it as such an important milestone for the UK.
The 11 CPTPP countries:
Australia Brunei Canada Chile Japan Malaysia
Mexico
New Zealand Peru
Singapore Vietnam
C- Comprehensive &
P- Progressive Agreement for T- Trans
P- Pacific
P- Partnership
Horizon issue 2.indd 47 14/12/2022 14:50:16
The UKs Answer Post Brexit?
The Comprehensive & Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a multi-lateral agreement between 11 nations. These countries are based across North America, Central America, South America, Asia and Australasia.
The CPTPP documentation was signed on 8th March 2018 in Santiago, Chile. As such, it
However, on 1 February 2021, the UK formally requested accession to the CPTPP and on 2nd June 2021, the Commission formally commenced accession negotiations with the UK. These talks are still ongoing but, it's clear that the CPTPP now makes up a large part of the UK's international trade plans.
But what is the CPTPP and what will it do for UK businesses?
The CPTPP unquestionably has market access benefits (for goods and services) but, it isn't all about trade, it takes a strong stance of other key areas as well including: Strong rules against unfair trade practices such as giving unreasonable advantages to state-owned enterprises and restricting imports on a protectionist basis.
Members commit to a minimum wage and allow the freedom of association. Rules which commit members to the protection of marine environment
This could significantly change, improve and widen the supply chain for UK based manufacturers and importers.
It is not only the UK who is looking to join the CPTPP, and the 11 member countries all have the shared vision that the CPTPP is open to others to join (as long as they are able to meet the required standards).
For example, economies including the Philippines, Thailand, Taiwan, China and Republic of Korea have all expressed an interest in joining the CPTPP.
Once the UK has joined the CPTPP, they will be in a prime position to ensure that they are at the heart of a growing and expanding community. Also, ensuring that any prospective countries share and meet the standards outlined within the CPTPP.
is a relatively young agreement and due to
In terms of claiming a preferential tariff rate, the CPTPP allows for inputs from any
Covid, it is fair to say the full benefits are yet
member country to count as 'originating'.
to be felt.
47. The CPTPP