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Costa Rica has been granted accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Once ratified, this will create new opportunities for UK businesses, including tariff reductions on goods and improved access for services and public procurement. Negotiations have now concluded, with signature expected in the coming months and entry into force to follow. As a reminder, the CPTPP is a free trade agreement involving 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom, and Vietnam.
CPTPP continues to grow, with further accessions being explored, including Uruguay, Indonesia, the Philippines and the UAE. The upcoming Mexico’s ratification of the UK’s accession and Canada’s later this year will also strengthen opportunities for businesses to make use of the agreement.
More information can be found on the UK Government website.
