Free Trade Agreements and the CPTPP
Trade agreements are made between two or more countries and set out the preferential rules for buying or selling goods or services between them.
Trade agreements reduce restrictions on trade and make it easier and cheaper to do business overseas in a number of ways.
These may include:
- lower or removed tariffs
- better investment opportunities
- improved market access
- enhanced protections for businesses in areas such as data protection and intellectual property
These benefits will differ depending on what was agreed with the partner country during the negotiating process.
The UK’s Free Trade Agreements
Since the UK left the European Union, it has had autonomy over the trade deals it negotiates, agrees and signs. In many cases, most of the trade deals in place are rollover agreements from when the UK was an EU member state. However, the UK has since signed some new trade deals that are either slightly different from previous EU agreements, or stand-alone agreements entirely.
The UK has signed more than 70 trade agreements, most of which can be used by businesses right now. The full list of UK trade agreements can be found here (https://www.gov.uk/government/collections/the-uks-trade-agreements)
The UK has also signed a deal to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and will accede to the CPTPP on 15th December 2024.
From this date, UK traders will be able to trade with the following parties under CPTPP:
Japan
Singapore
Chile
New Zealand
Vietnam
Peru
Malaysia
Brunei
And with Australia under CPTPP from 24th December 2024. The trade agreement will come into force with the other members (Canada, Mexico) when they ratify.
The Hull and Humber Chamber of Commerce will be hosting a webinar on Tuesday, 11th February in partnership with the Department for Business and Trade to help demystify free trade agreements and enable businesses to understand how to access and utilise the benefits of the CPTPP agreement. To attend this webinar, click Book Now.
