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Deloitte comments on UK’s accession to CPTPP trade bloc

31 March 2023

James Caldecourt, Head of International Trade at Deloitte, comments on the UK’s accession to the Indo-Pacific trade bloc, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):

“The UK’s accession to CPTPP is a welcome development, offering British businesses the opportunity to conduct freer trade with some of the world’s fastest growing markets.

“Traders could benefit from accessing lower tariffs and more diverse supply chains using CPTPP’s flexible rules of origin. It also locks-in certainty and transparency for services exporters and those engaged in digital trade – and could boost investor confidence in an otherwise turbulent international economic environment.

“There is a particular market access opportunity with Malaysia, Asia’s fastest-growing economy, given the absence of an existing bilateral trade agreement.”