The UK’s new trade agreement within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) comes into force this month, which may open up opportunities for UK business.
The new scheme will be effective from December 15th, with the UK becoming the twelfth trading member of a partnership worth 12 trillion pounds in GDP.
However, not all members have fully ratified the specific details of the UK’s agreement yet and a phased country introduction will apply.
From 15th December, the following countries go live with the UK:
- Brunei
- Chile
- Japan
- Malaysia
- New Zealand
- Peru
- Singapore
- Vietnam
From 24th December, this will also include:
- Australia
Date To Be Confirmed, 60 days after ratification.
- Canada
- Mexico
CPTPP is a free trade agreement which is intended to open up market access by reducing tariffs and other trade barriers. Around 99% of products will benefit from duty-free status under CPTPP preference, with exceptions for some commodity codes and where other trade agreements are in place.
There are certain documentary requirements for CPTPP preference, but no specific preference statements are needed. For more information, please do not hesitate to contact a member of the Westbound team.
If you have any questions regarding the above, then Westbound are here to help. So, please do not hesitate to contact us.
