Britain on Friday agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade pact based around the Pacific rim, as it seeks to build ties around the world after leaving the European Union.
A port worker looks at lorry trailers at the port of Holyhead in Wales, Britain, February 27, 2023. REUTERS/Phil Noble/File Photothe Comprehensive and Progressive Agreement for Trans-Pacific Partnership , a trade pact based around the Pacific rim, as it seeks to build ties around the world after leaving the European Union.
Prime Minister Rishi Sunak's office said that CPTPP countries will have a combined GDP of 11 trillion pounds once Britain joins, or 15% of global GDP. But in an impact assessment of the deal when negotiations started in 2021, Britain said the agreement is estimated to deliver an increase of just 0.08% to GDP over the long term.
To benefit from preferential tariffs, exporters must demonstrate a product as a sufficient proportion of "locally" sourced parts. Tariffs on palm oil from Malaysia will be liberalised, and Britain also agreed tariff reductions on bananas, rice and crab sticks following requests from Peru, Vietnam and Singapore respectively.
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