Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) offers several benefits to the UK:

1.     Access to New Markets: The CPTPP includes countries like Japan, Australia, Canada, and Mexico, providing UK businesses with access to some of the world’s fastest-growing economies.

2.     Reduced Tariffs: UK exporters will benefit from lower tariffs and fewer trade barriers, making it easier and more cost-effective to sell goods and services in member countries.

3.     Boost to GDP: The UK government estimates that joining the CPTPP could boost the UK economy by up to £2 billion annually.

4.     Strengthened Economic Ties: The agreement strengthens economic ties with dynamic economies in the Asia-Pacific region, which is expected to account for a significant portion of global GDP growth.

5.     Modern Trade Provisions: The CPTPP includes modern provisions for digital trade and data flows, which are crucial for UK businesses operating in the digital economy.

6.     Diversification of Supply Chains: The agreement provides opportunities for UK businesses to diversify their supply chains and reduce dependency on any single market.

7.     Support for SMEs: Small and medium-sized enterprises (SMEs) will benefit from easier access to international markets, helping them grow and compete globally.

These benefits make the CPTPP a significant step for the UK in expanding its global trade relationships and boosting economic growth