In 2024, the UK officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), opening new avenues for trade with the dynamic Asia-Pacific region, including Japan, Canada, and Australia.
What the CPTPP means for your business
The CPTPP offers key advantages for UK businesses, including:
- Tariff Reductions: Over 99% of UK goods exports to CPTPP member countries will qualify for zero tariffs, reducing costs and improving competitiveness.
- Rules of Origin Flexibility: Businesses can source components from across the bloc while qualifying for preferential trade terms, fostering more diversified and resilient supply chains.
- Streamlined Trade Processes: Enhanced clarity and transparency in customs and compliance requirements make trading with member countries more straightforward.
HMRC has now released detailed guidance on the CPTPP, which provides essential clarity on how UK companies can maximise the benefits of the agreement, particularly with respect to rules of origin, tariff reductions, and compliance requirements.
Genesis Certification, delivered here by Business West International Trade Services, can assist companies in navigating this evolving landscape. With expert knowledge of trade agreements and customs procedures, Genesis can help businesses ensure their products meet the necessary rules of origin and certification standards, enabling them to benefit from preferential tariff rates. With HMRC guidance on the CPTPP now available, businesses will need reliable support to remain compliant and optimise their international trade strategies.
Contact the Business West International Trade team for more information.
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