The UK signed its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), considered the most important trade agreement globally.

In the ceremony participated British Secretary of State for Business and Commerce, Kemi Badenoch, Peruvian Minister of Foreign Trade and Tourism, Juan Carlos Mathewsas well as economic representatives who form the CPTPP.

“With the accession of the United Kingdom, Peru will gain better access conditions for the export of its goods and services, for the temporary movement of Peruvian business people and for e-commerce”said the Peruvian representative.

It adds, with origin accumulation, “Peruvian companies will be allowed to export and use inputs from other member countries, having more supply opportunities.”

With this addition, The CPTPP will have a combined gross domestic product (GDP) of £12 trillion or $15.7 trillion, thus representing 15% of global GDP.

signature details

The signing took place in Auckland, New Zealand, during the Seventh CPTPP Commission Session, consists of ministers and senior officials from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam and Peru.

The UK is thus the first economy to join this Agreement after its initial subscription. It now has twelve member countries from Asia Pacific and Europe.

Meanwhile, the British Secretary of State for Business and Commerce, Kemi Badenoch, had this to say “We are using our status as an independent trading nation to join a modern, developing and forward-thinking trading bloc that will help grow the UK economy.”

CPTPP would allow the UK to immediately remove tariffs at 93.5% of the world’s tariffs; which represents 96.1% of bilateral trade between Peru and the United Kingdom. In addition, more than 60 tariff items, including corn, broken rice and husks, glucose, molasses and rum, will receive better treatment than in the current bilateral agreement.

Regarding Public Purchases, CPTPP allows accumulation, which is not contemplated in the FTA between Peru and the UK. So, Peruvian companies may present goods or services originating in any CPTPP country in tenders in the United Kingdom, which will be subject to the principle of national treatment.

(END) NDP/FGM

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Posted: 15/7/2023