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Singapore becomes second country to ratify UK membership to CPTPP
The UK is a step closer to becoming fully-fledged member of the CPTPP trade group after Singapore became the second country to ratify the UK’s membership
Singapore has formally ratified the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the second existing member to do so after Japan late last year.
The UK signed up to the vast Indo-Pacific trade group in July 2023, with our accession bolstering the trade bloc’s combined worth to £12 trillion, or 15 percent of global GDP. Under the deal, over 99% of UK goods exports to CPTPP countries will face zero tariffs, including British whisky and cars.
Accession will also upgrade the UK-Singapore bilateral relationship, providing opportunities to deepen participation in each other’s supply chains, diversify trade, grow investment into our economies, and collaborate on shared priorities, all while supporting greater access and opportunities for business.
British High Commissioner to Singapore, Kara Owen, said:
It is great to see Singapore ratify the UK’s accession to CPTPP, taking us a step closer to UK business accessing the benefits of the agreement. Accession will connect the UK to a group of economies that are the most dynamic and ambitious on free trade. It provides opportunities for our business to build on the strong £21 billion bilateral trade relationship with Singapore.
We look forward to growing our trading partnerships with all members through the ambitious liberalisation commitments, enabling new rules of origin arrangements and opportunities for investment and collaboration.
Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, said:
I’m delighted that Singapore has ratified the UK’s accession to CPTPP. UK accession to CPTPP highlights our commitment to deepening our £124bn trade relationship across the Asia Pacific, one of the most dynamic and fast-growing trading areas in the world. I look forward to working with partners across the region to help businesses make the most of the CPTPP.
To bring the deal into force for the UK, the government has introduced the Trade (CPTPP) Bill in parliament. Entry into force is expected in the second half of 2024 once the UK and CPTPP Parties have finished their legislative processes.