UK takes major step towards joining Indo-Pacific trade bloc

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership Act receives Royal Assent.

The UK is today [20 March] one step closer to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) later this year, as the new Trade (CPTPP) Act received Royal Assent.

In July, the UK signed up to the vast Indo-Pacific trade group, bolstering its combined GDP to £12 trillion in 2022 – a huge 15% of the global economy. Under the deal, over 99% of current UK goods exports to CPTPP countries will be eligible for zero tariffs, including Scotch whisky and cars.