Last week, the UK joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a move designed to grow the UK economy. Estimates suggest that it could add £2 billion to the economy in the long run.
The CPTPP is a trade bloc that includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK joining brings the combined GDP of the bloc to £12 trillion.
The UK government believes joining the CPTPP will benefit businesses in Scotland, Wales and Northern Ireland as well as all regions of England.
Joining the bloc means that all UK businesses now face lower tariffs and fewer barriers when selling to other countries within the bloc. Businesses in financial services, manufacturing and food and drink are particularly expected to be able to benefit.
New guidance has been published for SME businesses that you can review – click below:
