The UK has secured full access to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as of 1 September. This follows the completion of an agreement with Canada, finalising the UK's membership after signing up in 2023.
The CPTPP is described as the world's largest free trade area that does not include the US, China, or the EU. Its members include Canada, Australia, Japan, New Zealand, Singapore, Chile, Mexico, Peru, Malaysia, Brunei, and Vietnam.
The UK government estimates that CPTPP membership will boost the UK's economy by approximately £2bn a year. UK businesses operating in Canada are expected to benefit from easier travel arrangements, while businesses in both countries will gain enhanced access to each other's public procurement markets.
With a combined GDP of around £13 trillion, the CPTPP grouping represents about 14 per cent of global GDP. The UK is now the second largest member by GDP, after Japan, and is the only member not located on the Pacific Rim.