Peru’s recent ratification of the UK’s accession means the agreement will come into effect by 15 December 2024. After this date, over 99% of UK goods exports to CPTPP countries will be tariff-free, enhancing export opportunities and supporting the government's goal of boosting economic growth. The agreement is expected to increase the UK economy by approximately £2 billion annually by 2040.

Prior to Peru, Japan, Singapore, Chile, New Zealand, and Vietnam had already ratified the UK’s accession. Consequently, the agreement will be effective with these members by 15 December and will apply to other members as they complete their ratification processes. We are actively engaging with the remaining member countries to facilitate their ratification.

As the first non-founding country to join the CPTPP, the UK will have a unique opportunity to influence the agreement’s future, including shaping its rules and promoting its expansion to additional economies.

Minister of State for Trade Policy Douglas Alexander said:

This is good news for UK businesses, who are now one step closer to being able to take advantage of the opportunities our membership of CPTPP will bring.

My message to businesses is to get in touch with the Department for Business and 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.

Read full gov.uk news update here.

For more information on the rules of origin under the CPTPP, please get in touch with us to learn more.