International Trade: What is the CPTPP, and why could it benefit Traders?
What is the CPTPP? The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement comprising 11 member countries across Asia, the Pacific, and the Americas: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, these nations represent 13% of global GDP (15% with the UK’s inclusion) and a consumer base of over 500 million people.Originally signed in 2018, the CPTPP is designed to reduce tariffs on 95% of goods traded between members, facilitate modern rules for services and digital trade, and enhance regulatory cooperation. Unlike the EU, it is not a single market or a customs union, meaning members retain sovereignty over their regulations while committing to trade cooperation.
Fiona Parsons
17 December, 2024
Business West
