The UK will join a trade bloc with countries including Australia and Canada before Christmas, after ratification was agreed by a sixth country.

The UK’s accession to the Comprehensive & Progressive Agreement for Trans-Pacific Partnership will happen by December 15, the Department for Business & Trade said on Thursday.

The announcement comes after Peru became the sixth country to ratify the UK’s deal, after Japan, Singapore, Chile, New Zealand and Vietnam.

Currently there are 11 countries signed up to the CPTPP deal, including Australia, Canada, Mexico, Malaysia and Brunei.

According to the Department, more than 99% of current UK goods exports to CPTPP members will be tariff-free once the deal comes into force, and could boost the economy by about £2 billion annually by 2040.

The UK concluded its negotiations to join the CPTPP in March 2023, and a Bill received Royal Assent in March this year.

Trade minister Douglas Alexander said confirmation that the UK will join the bloc was ‘good news for UK businesses’.

He added: ‘My message to businesses is to get in touch with the Department for Business & Trade to find out how CPTPP could benefit your business, if you haven’t already.

‘We’re extremely grateful to all the CPTPP partners that have already ratified our accession – Japan, Singapore, Chile, New Zealand, Vietnam and now Peru – and look forward to more doing so over the coming months.’

Former Conservative chief secretary to the Treasury Sir Simon Clarke said the news is ‘an important Brexit success story’.

He tweeted: ‘Our chance to help shape global trade (and diplomacy, and geopolitics) in the region which will largely define the century ahead.’

By Caitlin Doherty, PA

source: PA

Copyright 2024 Alliance News Ltd. All Rights Reserved.