The United Kingdom has signed its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) —the largest free trade agreement in the world.
The ceremony was attended by the UK Secretary of State for Business and Trade Kemi Badenoch, Peruvian Foreign Trade and Tourism Minister Juan Carlos Mathews, as well as representatives of the CPTPP member economies.
“With the accession of the United Kingdom, Peru will be provided with better access conditions for goods and services exports, for temporary movement of Peruvian business people, and for e-commerce,” the Peruvian representative remarked.
According to the minister, the accumulation of origin will enable Peruvian companies to export and use inputs from other member countries, resulting in more supply opportunities.
With UK accession, the CPTPP will have a combined Gross Domestic Product (GDP) of £12 trillion or US$15.7 trillion, accounting for 15% of global GDP.
The signing took place in Auckland, New Zealand, during the seventh CPTPP Commission Meeting made up of ministers and senior officials from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam, and Peru.
The United Kingdom thus becomes the first economy to join this Treaty after its initial signing.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) now consists of twelve member countries from the Asia-Pacific region and Europe.
For her part, the UK Secretary of State for Business and Trade said: “We are using our status as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy.”