UK businesses are set to benefit from improved trade with Chile and Malaysia, after both countries officially joined the CPTPP recently, the trading bloc that the UK is expected to join later this year.
The CPTT (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) also includes Latin American countries Mexico and Peru amongst its eleven members.
Chile was the first individual trade deal completed by the UK post Brexit, which secured preferential access to each other’s markets. However, joining the CPTPP will provide opportunities for further collaboration and improved trade arrangements for many industries.
Chile is one of the leaders of free and open trade in the Pacific region and is keen to increase on the £1.5bn trade the two countries did in 2021.
The UK government is believed to be making good progress in negotiating its entry to CPTPP, and if successful, it will join as the only European member. The full list of countries in the agreement are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.