UK gains full CPTPP access as Canada ratification completes trade bloc entry

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UK gains CPTPP access

Highlights

Canada's ratification completes UK's CPTPP entry, granting full market access to all members starting 1 September 2024.
The UK government projects the agreement will add around £2 billion annually to the UK economy and make over 99% of UK exports to CPTPP nations eligible for zero tariffs.
CPTPP allows eligible UK and Canadian business visitors stays of up to six months and expands opportunities in sectors such as air transport, accounting, and financial services.

Full market access starts from 1 September

As reported by GOV.UK, Canada is the final CPTPP member to ratify the UK's accession, which means British businesses can now use the full terms of the agreement across the entire bloc. The UK signed the trade pact in 2023, and it entered into force in 2024 for the first countries that had completed ratification.

The government says the agreement is expected to add around £2 billion a year to the UK economy in the long run. It says the deal gives exporters and service providers broader market access and reduces barriers to doing business overseas across some of the world's faster-growing economies.

Minister for Trade Anas Sarwar says full access creates new opportunities for British companies, including food and drink exporters and firms seeking overseas public contracts. The government also says more than 99% of current UK goods exports to CPTPP member countries are eligible for zero tariffs under the deal.

Canada benefits and wider business impact

For companies operating in Canada, the agreement includes easier business travel rules, with eligible business visitors now able to stay for up to six months instead of the previous limit of 90 days in any six-month period. The government says the deal also expands access to public procurement markets and opens additional opportunities for suppliers of goods and services.

Those opportunities extend to sectors including air transport, accounting and financial services. The government says consumers and businesses may also benefit from a wider choice of imports and lower prices for some goods, including fruit juices from Chile and Peru and chocolate from Mexico.

Businesses are already using some of the agreement's mobility provisions. Agri-tech company EmTech says it has used the CPTPP framework to support exports to Peru and Mexico and has also shipped products to Canada, where it expects fuller UK access to create further room for growth.

In our earlier article on escalating U.S.-Canada trade tensions, we covered how renewed pressure from Washington was raising concerns about disruption to deeply integrated North American supply chains. We also outlined the broader economic and security risks of undermining the USMCA framework ahead of its planned review, including potential fallout for key sectors such as aluminium and autos.

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