Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

• Recently, Britain has decided to join Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• Britain will be the first new member since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was created in 2018, and the first European country in the bloc.
• The bloc, which is home to 500 million people, will be worth 15% of global GDP once the UK joins.

 About CPTPP

• Comprehensive and Progressive Agreement for Trans-Pacific Partnership is an 11-nation Indo-Pacific free-trade bloc.
• Its members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
• The agreement mandates the duty-free entry of commercial samples having almost negligible value and printed advertising material from the territory of a signatory party.
• It establishes clear rules that help create a consistent, transparent and fair environment to do business in CPTPP markets
• It eliminates tariffs and reduces barriers for 98% of exports to CPTPP member countries.