Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Current Context : UK has recently become the first European country to join the Indo-Pacific trade bloc Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

• Previously, in 2023, CPTPP parties and the UK signed the accession protocol to enable the UK to join the CPTPP.

About CPTPP

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a significant free trade agreement among countries in the Asia-Pacific region. Key points include:

• Formation: Originally signed by 11 countries in March 2018 in Santiago, Chile; entered into force on December 30, 2018.
• Members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United Kingdom (joined in 2024 as the first European nation).

Significance:

• Economic Impact: Accounts for about 15% of global GDP, providing access to a market of over 500 million people.
• Trade Benefits: Eliminates or reduces tariffs on approximately 99% of goods traded among member countries, enhancing trade flows.