Speaking about the announcement of the new UK trade deal with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Kate Jennings, Logistics UK’s Director of Policy said:
Let’s get together to talk Sustainability & Logistics! Our London Logistics Networking event is coming back on the 24th May!
“The UK’s accession to the CPTPP may only yield small benefits to the nation’s business in the short term, but the access to innovation and increased productivity which the deal will deliver longer term will be of benefit to the overall health of the UK economy. As a nation with longstanding and excellent trading links worldwide, UK PLC stands ready to benefit from the opportunities the new agreement will provide thanks to the country’s interconnected supply chain. The success of the agreement will stand on improved access to high growth markets including simplification of customs processes and future opportunities to digitise the movement of goods to speed connections between the UK and the 11 nations involved.”
The bloc is home to more 500 million people and will be worth 15% of global GDP once the UK joins. It is estimated that joining will boost the UK economy by £1.8 billion in the long run, with wages also forecast to rise by £800 million compared to 2019 levels.
Being part of CPTPP will support jobs and economic growth across the country, with every nation and region expected to benefit. More than 99 percent of UK goods exports to CPTPP countries will now be eligible for zero tariffs, including key UK exports such as cheese, cars, chocolate, machinery, gin and whisky.
Total UK exports to CPTPP countries were already worth £60.5 billion in the 12 months to the end of September 2022 and are set to grow under CPTPP. Our leading services industry will also benefit from reduced red tape and greater access to growing Pacific markets with an appetite for high-quality UK products and services.