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On 16 July 2023, the UK formally signed the treaty to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade group, joining 11 countries across Asia and the Pacific.
Being part of CPTPP will mean that more than 99% of current UK goods exports to CPTPP countries will be eligible for zero tariffs. In addition, CPTPP includes a Cosmetics Annex which lays provisions that each party agrees to abide by when signing the trade deal (see CTPA news item).
The signature is the formal confirmation of agreement for the UK to join the group, following substantial conclusion of negotiations earlier this year. The Government will now seek to ratify the agreement, which will include parliamentary scrutiny, whilst other CPTPP countries complete their own legislative processes. The Government expects to bring the Agreement into force next year.
More information can be found on the UK Government website.
