Asia-Pacific Trade Bloc Deal ‘A Boost For Business’

17th May 2024

William Bain, Head of Trade Policy at the BCC reacts to the UK’s ratification of the deal to join the Comprehensive and Progressive agreement for Trans-Pacific Partnership (CPTPP)

Reacting to the UK’s ratification of the deal to join the Comprehensive and Progressive agreement for Trans-Pacific Partnership (CPTPP), William Bain, Head of Trade Policy at the BCC, said:

“There are few multi-national trade agreements like this one. The UK’s addition to this bloc will open up new opportunities for both inward and outward investment.

“Trade rules will be more favourable for manufacturers looking to sell products to other member countries and data transfers for firms in the services sector will also be more straightforward.

“Crucially, it will also give the UK a say in the bloc’s future development, making it a deal that will work for our traders both now and in the future.” 

Chambers in the BCC’s international network also hailed this latest step forward. 

British Chamber of Commerce Singapore Executive Director, David Kellysaid: 

"We see today’s announced progress towards the UK joining CPTPP as a positive step in the right direction. Being ‘on the ground’, we see every day how vibrant and alive with opportunity the British business community is within Southeast Asia, and we look forward to championing the UK’s interests alongside our colleagues throughout the CPTPP trading bloc.” 

British Chamber of Commerce in Japan Executive Director, Sarah Backleysaid: 

“The UK’s ratification of the CPTPP signifies an important achievement for the business world, presenting a valuable opportunity for the UK, Japan, and the other 11 member countries to come together in setting the benchmarks for global trade standards. We look forward to the avenues for fresh opportunities and collaborations this will unlock, paving the way for enhanced economic partnerships and growth opportunities for our members in the UK-Japan, and wider regional ecosystem."

Australian British Chamber of Commerce CEO, Ticky Fullertonsaid:

“Our Chamber welcomes news of the UK’s ratification of the CPTPP. With its respected position in global affairs, the UK is a valuable addition to this very important partnership in our region. We look forward to the strengthening ties of CPTPP members in trade, investment and in regional security.” 

British Malaysian Chamber of Commerce CEO, Jennifer Lopezsaid:

“The ratification of the CPTPP is a pivotal milestone as it symbolises the first free trade agreement between the UK and Malaysia. This historic agreement not only fosters trade liberalisation but also offers expanded market access, boosts to GDP, and strategic influence, particularly benefiting sectors such as services and digital trade for both British and Malaysian enterprises. This also promises enhanced options and affordability for consumers and businesses alike, heralding a new era of economic dynamism and collaboration.” 

British New Zealand Business Association President, Phil Woodsaid:  

“The Parliamentary ratification of the UK joining CPTPP is another major step towards deepening the UK’s access to a group of countries that represent one of the most dynamic and rapidly growing free trade areas in the world. We look forward to helping businesses take advantage of the Agreement’s entry into force later this year.” 

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