The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which is a common market for countries adjacent to the Pacific Ocean. Members include: Australia, New Zealand, Canada, Japan, Mexico, Peru, Chile, Singapore, Malaysia, Brunei and Vietnam. The US had agreed to join but were withdrawn from the agreement when President Trump came to power in the US at the start of 2016.
The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which is a common market for countries adjacent to the Pacific Ocean.
Members include: Australia, New Zealand, Canada, Japan, Mexico, Peru, Chile, Singapore, Malaysia, Brunei and Vietnam. The US had agreed to join but were withdrawn from the agreement when President Trump came to power in the US at the start of 2016.
The agreement is politically symbolic for the UK as they have historical links with many of the members. However, from an economic perspective, it will have a negligible impact with an increase in GDP of less than 0.08% over 15 years, according to UK Department for Business and Trade, a fraction of the 4% loss in GDP forecast by the UK Office for Budget Responsibility.
The deal will give the UK access to CPTPP countries for 995 of goods tariff free plus services. It is somewhat overshadowed by the fact that the UK already have comprehensive trade agreements with Australia and New Zealand, currently being ratified.
Negotiations are also ongoing with Canada to create a bespoke agreement to replace the CETA deal with the EU that was rolled over between the UK and Canada on Brexit.
Getting access for Canadian beef to the UK market was a sticking point on the UK joining CPTPP.
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