The United Kingdom officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, 2024. This makes the UK the first European nation to become a member of this major trade bloc, which includes countries like Japan, Vietnam, Peru, Chile, and Malaysia1. The combined GDP of CPTPP members is around £12 trillion.

The UK’s accession to the CPTPP is expected to boost the UK economy by £2 billion annually in the long run. This agreement will help UK businesses by reducing tariffs and removing barriers when selling to economies across three continents1. The financial services, manufacturing, and food and drink sectors are expected to benefit significantly.