This significant development means that more than 99 per cent of British goods exported to CPTPP countries will now be duty-free. Furthermore, the UK’s membership is expected to strengthen bilateral relations between the UK and Singapore. This opens the door to deeper integration into each other’s supply chains, trade diversification, increased investment and cooperation around common priorities, ultimately benefiting businesses with greater access and opportunity. The UK government said in a press release.
Singapore ratified the UK’s participation in the CPTPP, increasing the value of the trading bloc to £12 trillion, or 15% of global GDP. The UK signed the agreement in July 2023, guaranteeing that more than 99% of exports to CPTPP countries will be duty-free. The move will strengthen ties between the UK and Singapore, boosting supply chain integration, trade and investment.
To implement this landmark agreement, the UK Government has introduced the Trade in Trade (CPTPP) Bill to Parliament. The agreement is expected to enter into force in late 2024 once the UK and other CPTPP parties complete their respective legislative procedures.
Kara Owen, British High Commissioner to Singaporesaid: “It is great that Singapore has ratified the UK’s accession to the CPTPP, bringing British businesses one step closer to enjoying the benefits of the agreement.” Membership will link the UK to one of the most dynamic and ambitious economies for free trade. This provides our business with the opportunity to build a £21 billion strong bilateral trade relationship with Singapore.
“We look forward to expanding our trade partnership with all member countries through our ambitious liberalization efforts, enabling new rules of origin arrangements and opportunities for investment and cooperation.”
“I am delighted that Singapore has ratified the UK’s membership in the CPTPP. “We look forward to working with partners across the region to help businesses make the most of the CPTPP.” Martin Kent, UK Trade Commissioner for Asia and the Pacific.
Fibre2Fashion News Desk (DP)