IOE&IT react to the UK joining major free trade bloc in Indo-Pacific
Reacting to the news that the UK has joined The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) director general of The Institute of Export & International Trade (IOE&IT) Marco Forgione, said: “We welcome the news of the UK’s imminent accession to CPTTP. This agreement not only reduces trade tariffs for goods, but also sets new rules in areas such as services, investment, intellectual property, digital trade and advanced manufacturing.
This is all good news for UK businesses, giving them greater access to one of the fastest growing regions in the world, accounting for around 13% of global GDP. It will also enhance our ties with countries we already have trading partnerships with, building more resilient supply chains between nations.
There are pioneering provisions to support growth of trade in services, particularly with regards to digital and mobility unlocking vast new potential for cross-border trade and investment. Advanced manufacturing opportunities will present a huge source of innovative development.
The addition of the UK into the CPTPP signals to the world that the core values of liberalised rules-based trade as a vehicle for good will continue to underpin international trade in the future.
We look forward to supporting both our members and the wider trading community in the CPTPP bloc to maximise the opportunities that this partnership will undoubtedly present.”