Please Sign in to view recently saved searches.
17 Dec 2024
The UK Officially Joins the CPTPP
On the 15th, the United Kingdom officially joined the *Comprehensive and Progressive Agreement for Trans-Pacific Partnership* (CPTPP), becoming the first European country to enter this trade pact.
According to the UK government, the agreement is expected to deliver an annual economic boost of £2 billion (approximately $2.52 billion).
The Department for Business and Trade emphasized that joining the CPTPP is a cornerstone of the government's “transformational agenda," aimed at driving economic growth and increasing household incomes across the UK. The agreement is projected to add £1 billion annually in wage income for UK households and benefit all regions of the country.
Jonathan Reynolds, the UK's Secretary of State for Business and Trade, stated that the deal will facilitate trade, create greater opportunities for UK businesses abroad, support jobs, raise wages, and attract domestic investment.
The CPTPP includes countries such as Japan, Vietnam, Peru, Chile, and Malaysia. Under the agreement, member nations will eliminate or reduce tariffs on industrial and agricultural products while implementing measures to ease trade and investment.
Disclaimer: Blooming reserves the right of final explanation and
revision for all the information.