Burnley and Padiham’s MP Antony Higginbotham is welcoming the “huge opportunities opening up for local businesses” as the UK formally ratifies the agreement to join CPTPP
Coming earlier than expected the UK has now completed the key step required for joining CPTPP which will be the biggest trade deal since Brexit. Consisting of 12 countries, the CPTPP is one of the largest free trade areas in the world, accounting for over £12 trillion of world GDP or 15% of global trade with some of the fastest growing economies on the planet.
The deal will see British companies benefit from lower tariffs and fewer trade barriers and was initially signed by Business and Trade Secretary Kemi Badenoch last July.
Burnley’s MP Antony Higginbotham who sits on the Business and Trade Committee in Parliament said:
Sitting on the Business and Trade Committee I see the huge benefits available to local businesses from the trade deals being negotiated. But these benefits don’t come by accident. They need businesses to take risks and be confident in exporting.
We’ve some amazing local companies exporting already but I’m keen to help more do the same and it’s great to see the East Lancashire Chamber of Commerce get behind this too.
There’s lots of support out there for anybody looking to export. But if anyone is unsure on what steps to take, please do get in touch with me as I’d be happy to point you in the right direction.
Only six economies, in addition to the UK, need to ratify by October for the deal to enter into force by the end of the year. Singapore, Japan, and Chile have already ratified, with other countries in the works.
Both the East Lancashire Chamber of Commerce and the British Chamber of Commerce have welcomed the move. William Bain, Head of Trade Policy at the British Chamber of Commerce, said:
There are few multi-national trade agreements like this one. The UK’s addition to this bloc will open up new opportunities for both inward and outward investment. Trade rules will be more favourable for manufacturers looking to sell products to other member countries and data transfers for firms in the services sector will also be more straightforward. Crucially, it will also give the UK a say in the bloc’s future development, making it a deal that will work for our traders both now and in the future.
Adding in local support Mandy Lockett, the International Business Director of the East Lancashire Chamber of Commerce has said:
Exporters and importers need to start preparing and understanding the Rules of Origin for their goods, we can support you on this venture with specialist training on Preference Agreements and Rules of Origin.
