London, December 15, 2024 – The Europe Today: The United Kingdom officially became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Sunday, marking a significant milestone in its post-Brexit trade strategy. The UK’s accession to the bloc follows the signing of an accession treaty last year, with most members of the agreement having since ratified its entry.
This move is expected to provide a boost to the UK’s economy, with officials estimating potential economic gains of up to $2.5 billion (€2.4 billion) annually. The UK’s membership in the CPTPP is part of its broader effort to forge new trade deals beyond Europe following its departure from the European Union in 2020. Despite the shift, the EU remains a key trading partner, accounting for over 40% of UK exports and more than 50% of imports.
The CPTPP emerged from the original Trans-Pacific Partnership (TPP) agreement, which was intended to include the United States, but was left in limbo after Washington withdrew following the election of former President Donald Trump in 2016. The CPTPP retained much of the original agreement’s provisions and seeks to reduce trade barriers on a variety of goods among its members. However, while it offers improved access to markets in the Pacific Rim, it does not replicate the level of free trade and seamless movement of goods and services that the UK had with the EU prior to Brexit.
