The UK has been accepted into an Indo-Pacific trade bloc in what the UK government says is its biggest trade deal since Brexit.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement between 11 countries across the Indo-Pacific, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam – and now the UK.

The partnership sees the countries open up their markets to one another, reducing trade barriers and tariffs, with the hope of bolstering the economies of its members.

The UK is the first European country to enter the agreement, and the government claims it will lead to a £1.8bn boost to the economy “in the long run”.

While the UK already has trade agreements with most of the CPTPP members, apart from Malaysia, UK officials said it would deepen existing arrangements, with 99% of UK goods exported to the bloc now eligible for zero tariffs.

Reacting to the news, Dr. Liz Cameron CBE, Chief Executive, of the Scottish Chambers of Commerce, said:

“The UK joining a trading bloc which now accounts for 15% of global GDP is welcome news for firms looking to expand across the world.

“It opens exciting new opportunities for Scottish businesses with regards to investment and trade, with many of the economies in the CPTPP already being key target countries for growth, with the potential of other countries joining in the future.

“We look forward to quick ratification of the agreement and then working with the UK Government, and others, to ensure Scottish firms get the best possible access to this thriving partnership of nations within the global economy.”

Read More