UK joins Indo-Pacific trade bloc

The UK has officially become the first European nation to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This marks the UK's biggest trade deal since Brexit.

Key Points Historical Context:

 The UK formally signed the accession treaty last year, and the agreement came into effect on December 15, 2024. Membership: The UK is now the 12th member of the CPTPP, joining countries like Japan, Australia, Canada, New Zealand, and others.

Economic Impact: 

The UK government estimates that joining the CPTPP could boost the economy by £2 billion ($2.5 billion) annually in the long run.

Trade Benefits: 

Over 99% of UK goods exports to CPTPP countries will now be eligible for zero tariffs, including key exports like cheese, cars, chocolate, machinery, gin, and whisky.

Strategic Importance: 

The CPTPP accounts for about 15% of global GDP and provides access to a market of more than 500 million people.

History: 

 Originally known as the Trans-Pacific Partnership (TPP). Renamed and revised after the United States withdrew in January 2017. Officially came into effect on December 30, 2018.

Economic Impact: 

 Covers approximately 13.4% of the global economy. Benefits include improved market access, reduced costs for businesses, and increased trade and investment flows.