CPTPP 

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Latest news on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP11 or TPP-11.

The CPTPP is a free trade agreement between 11 countries around the Pacific Rim: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It has been in place since 2018 and the UK is the first non-founding country to apply to join.

The CPTPP aims to reduce trade barriers and tariffs between its members, and to cooperate on regulations, such as food standards. It covers a wide range of sectors and issues, such as goods and services, investment, intellectual property, labour and environment. However, it is not a single market or a customs union, so countries are not required to have identical regulations and standards, and can strike their own trade deals with others.

The CPTPP represents a major trading bloc comprising 495 million people and a combined GDP of $13.5 trillion⁴ The UK hopes that joining the CPTPP will boost its trade and investment opportunities in the Asia-Pacific region. The government estimates that the CPTPP will increase UK GDP by 0.1% in the long run.