Recently, the Ministerial Conference of Members of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) was held in Auckland, New Zealand, where a major decision was made: to formally approve the UKs accession to the CPTPP. British Minister of Commerce and Trade Kemi Badnough signed an agreement to join the CPTPP in New Zealand, which she said would greatly boost the development of British enterprises and bring billions of pounds of extra trade, while also opening up a market for the UK with more than 500 million people.

Britain has become the first new country to join the agreement since the establishment of CPTPP in 2018. It is also the largest trade agreement Britain has reached since leaving the EU more than three years ago. Britain’s Prime Minister Sunak said this proves his government is seizing “freedom after Brexit.”

With the accession of the United Kingdom, the CPTPP membership will increase to 12 countries, as well as for the first time extending the “touch corner” to the European region. Previously, the initial membership of the CPTPP included Australia, Canada, Japan, Mexico, New Zealand, Singapore, Brunei, Chile, Malaysia, Peru and Vietnam. These countries cover more than 500 million people, accounting for 15% of the world economy.

The British government has previously said that after joining the CPTPP, more than 99 percent of UK goods exported to CPTPP countries will now be eligible for zero tariffs, including cheese, cars, chocolate, machinery, sprit and whiskey.

However, some people in the industry say that the boosting effect of joining the CPTPP on the UK economy may not be very significant, much less comparable to the losses of the initial Brexit.As part of its earlier EU membership, the UK has reached free trade agreements with most of these countries, which have since been extended.

The next possible new member is China. China officially applied to join the CPTPP in September 2021. Chen Chang Jiang, Assistant Minister of Commerce of China, said that this is a preliminary attempt to actively link the CPTPP rules. If political interference is eliminated, the benefits of Chinas membership will be obvious to the CPTPP.