UK joined CPTPP
15th December 2024
In December the UK formally joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). CPTPP is an Asia-Pacific trade bloc made up of 11 countries plus the UK. The 11 original members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The UK is the first new member since the bloc was established in 2018 and the first European country to join in.
From December 15th, the UK will be able to trade with eight CPTPP members under the terms of the agreement. Trade with the other members will be followed at later dates.
Although Japan and the UK already have a bilateral trade agreement, companies will be able to choose to use the previous agreement or the CPTPP to trade goods and build their supply chains, which will bring them benefits.
The CPTPP will help Japan export some varieties of white rice and rice products by eliminating tariffs, which has not materialized under current UK-Japan EPA. Many other products and services are included in the CPTPP agreement, and we hope it will boost UK-Japan trade including sake.