{"id":4145,"date":"2023-04-25T16:30:32","date_gmt":"2023-04-25T16:30:32","guid":{"rendered":"https:\/\/www.noatumlogistics.com\/uk\/?p=4145"},"modified":"2023-04-25T16:30:32","modified_gmt":"2023-04-25T16:30:32","slug":"uk-joins-11-member-asia-pacific-cptpp-trade-bloc","status":"publish","type":"post","link":"https:\/\/www.noatumlogistics.com\/uk\/uk-joins-11-member-asia-pacific-cptpp-trade-bloc\/","title":{"rendered":"UK joins 11 member Asia-Pacific CPTPP trade bloc"},"content":{"rendered":"

In its \u201cbiggest trade deal since Brexit\u201d the UK\u2019s membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) creates a market of more than 500 million people, worth 15% of global GDP.<\/strong><\/p>\n

Spanning Canada, Mexico, Japan, Australia, Vietnam and Malaysia, CPTPP membership is expected to be ratified by the UK parliament and the bloc\u2019s 11 member states this year.<\/p>\n

CPTPP membership may make it more difficult for the UK to rejoin the EU customs union, but the fact that the UK will join without significant changes to EU-inherited regulations suggests that EU and CPTPP regulatory approaches may be compatible.<\/p>\n

The UK has bilateral deals with nine of the eleven countries inside the bloc, including Australia, New Zealand and Japan, which minimises the benefit of the overarching agreement.<\/p>\n

The government has highlighted 10 benefits that membership of the CPTPP will deliver.<\/p>\n

1. Gateway to growth<\/strong>
\nCPTPP members span Asia Pacific and the Americas and is a gateway to the wider Indo-Pacific region, which will account for the majority of global growth and around half of the world\u2019s middle-class consumers in future decades.<\/p>\n

2. New markets for UK services providers<\/strong>
\nRed tape will be slashed and UK businesses will be operating on a par with local firms.<\/p>\n

3. Data flows<\/strong>
\nJoining CPTPP will remove barriers on data localisation requirements, ensuring data can flow between the UK and CPTPP members.<\/p>\n

4. Cutting tariffs on exports<\/strong>
\n99% of exports to CPTPP member countries will be eligible for zero tariffs.<\/p>\n

5. Opportunities to diversify supply chains<\/strong>
\nBritish businesses can trade more freely across the bloc, so a UK automotive manufacturers could sell car engines tariff-free to a car maker in the bloc, who could then sell their cars tariff-free to another member country.<\/p>\n

6. Benefitting the whole of the UK<\/strong>
\nCompanies can reach new markets through CPTPP\u2019s ambitious services and digital provisions.<\/p>\n

7. Trade deal with Malaysia<\/strong>
\nJoining CPTPP means the UK will have a trade deal with Malaysia, a CPTPP member, for the first time.<\/p>\n

8. More access to high-quality goods<\/strong>
\nGreater choice, quality and affordability and cheaper import prices for inputs to manufacturing with tariffs eliminated on a wide range of inputs.<\/p>\n

9. Strengthening economic security<\/strong>
\nEnhanced access to more markets while trading under fair rules that will help UK businesses to compete and thrive.<\/p>\n

10. Encouraging investment<\/strong>
\nEncouraging further investment, by guaranteeing protections for investors and supporting jobs across the UK.<\/p>\n

As opportunities to trade with CPTPP members emerge, we have fixed price and long-term capacity agreements in place with our partner carriers across Asia, the pacific and Americas, to provide cost-effective and reliable supply chain solutions.<\/strong><\/p>\n

To discuss how our technology and global footprint could support you, EMAIL<\/a> Matt Fullard to discover the options relating to your current freight profile and movements to and from CPTTP countries.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

In its \u201cbiggest trade deal since Brexit\u201d the UK\u2019s membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) creates a market of more than 500 million people, worth…<\/p>\n","protected":false},"author":16,"featured_media":4146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87],"tags":[],"class_list":["post-4145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-trade-articles"],"yoast_head":"\nUK joins 11 member Asia-Pacific CPTPP trade bloc - United Kingdom<\/title>\n<meta name=\"description\" content=\"We have fixed price and long-term capacity agreements across the CPTPP region, to provide cost-effective and reliable supply chain solutions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.noatumlogistics.com\/uk\/uk-joins-11-member-asia-pacific-cptpp-trade-bloc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK joins 11 member Asia-Pacific CPTPP trade bloc - 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