The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is  a free trade agreement (FTA) including 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

CPTPP is a trade bloc that is populated by around half a billion people with a joint gross domestic product (GDP)  of £9 trillion. The accession of the  UK will increase the value of CPTPP over £11 trillion.

The City of London Corporation, Policy Chairman, Chris Hayward, said:

“The UK’s membership of CPTPP is a massive boost for the UK’s financial and professional services sector. Over half of exports destined to CPTPP nations are services-based. This deal will create further opportunities for the UK to increase regulatory cooperation with advanced provisions on digital trade, data and better market access which will benefit the entire economy.”

“CPTPP is a living agreement which encourages increased membership. With the UK’s successful accession, Britain’s financial and professional service sector will continue to reap more benefits from the agreement over the years to come.”

ENDS

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk