TheLittleTwentieth – Renowned Papers Edition, AI Infused

Local sources from United Kingdom: City A.M., Express.
UK coverage: Express.

In a major milestone for post-Brexit Britain, the UK has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a bumper Indo-Pacific trade deal. This achievement comes ahead of schedule, showcasing the UK’s commitment to expanding its trading environment. Trade policy minister Greg Hands announced the news during a trade trip to Peru, where the UK-Peru agreement on avoiding double taxation was reached. The UK’s early ratification demonstrates its understanding of the benefits CPTPP will bring to British businesses, including access to new markets and reduced red tape on exports. With a global worth of £12 trillion in GDP, the CPTPP accounts for 15% of worldwide GDP and encompasses 500 million consumers. It is a significant boost for the UK’s trading landscape. The deal, signed by Business and Trade Secretary Kemi Badenoch last July, includes 12 economies spanning Asia, the Pacific, and now Europe. Singapore, Japan, and Chile have already ratified the UK’s entry, with other countries in progress. The British Chambers of Commerce (BCC) sees the UK’s addition to the bloc as opening up new opportunities for investment and trade, giving the UK a say in the bloc’s future development. The Institute of Export & International Trade (IEIT) views the ratification as an important stage in the UK’s trading future, highlighting the immense opportunities for UK services and goods in CPTPP nations. Miles Celic, CEO at TheCityUK, considers the UK’s ratification as a major milestone that will provide better access to fast-growing economies and shape the future of the global economy. With the UK’s accession, British businesses can expect lower tariffs and fewer barriers to trade, making trade rules more favorable for manufacturers and facilitating data transfers for the services sector. This deal presents an opportunity for the UK to reshape its economy and establish resilient supply chains across Southeast Asia, Central, and South America. The CPTPP, worth £12 trillion in GDP, requires ratification by six more economies by October for it to come into force by the end of the year. The UK’s early ratification sets a positive precedent for other countries to follow suit, opening up new avenues for investment and trade in fast-growing markets worldwide.