Singapore has formally ratified the UK’s membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the second existing member state after Japan late last year.
The UK joined the vast Indo-Pacific trading group in July 2023, increasing the value of the trading bloc to a total of £12 trillion, or 15% of global GDP. Under the agreement, more than 99% of British goods exported to CPTPP member countries, including British whiskey and cars, will be tax-free.
Membership will also improve bilateral relations between the UK and Singapore, providing opportunities to deepen our participation in each other’s supply chains, diversify trade, increase investment in our economies and work together on shared priorities. and help expand business access and opportunity.
Kara Owen, British High Commissioner to Singapore, said:
It is great that Singapore has ratified the UK’s accession to the CPTPP, taking a step forward to enable UK businesses to enjoy the benefits of the agreement. Membership connects the UK with one of the most dynamic and ambitious economies for trade, offering our businesses the opportunity to build on our strong £21 billion bilateral trading relationship with Singapore. We look forward to expanding our partnership through ambitious liberalization efforts, enabling new rules of origin arrangements and opportunities for investment and cooperation once the Agreement enters into force.
His Majesty’s Secretary for Trade for Asia and the Pacific, Martin Kent, said:
I am pleased that Singapore has ratified the UK’s membership in the CPTPP. The UK’s membership in the CPTPP underlines our commitment to deepening our £124 billion trade links across the Asia-Pacific region, one of the world’s most dynamic and fastest growing trading regions. We look forward to working with partners across the region to help businesses get the most out of her CPTPP.
To bring this agreement into force in the UK, the Government has introduced the Trade in Trade (CPTPP) Bill to Parliament. Entry into force is expected in late 2024, after the UK and CPTPP parties have completed the legislative process.