Singapore Ratifies UK's CPTPP Accession
In a significant move bolstering international trade relations, Singapore has officially ratified the United Kingdom's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking a pivotal step in expanding economic ties between the two nations and the broader Indo-Pacific region.
This development follows Japan's ratification late last year, making Singapore the second existing CPTPP member to formalize the UK's participation in the trade agreement. The UK signed up for the CPTPP in July 2023, thereby enhancing the trade bloc's collective value to an impressive £12 trillion, representing 15% of global GDP.
Under the terms of the agreement, over 99% of the UK's goods exports to CPTPP member countries will be subject to zero tariffs. This includes iconic British products such as whisky and cars, further facilitating trade and market access for UK businesses.
Beyond the economic benefits, the accession is anticipated to elevate the bilateral relationship between the UK and Singapore. The agreement is poised to unlock opportunities for deeper participation in each other's supply chains, diversification of trade, increased investment, and collaboration on shared priorities.
The British High Commissioner to Singapore, Kara Owen, expressed her enthusiasm, stating, "It is great to see Singapore ratify the UK’s accession to CPTPP, taking us a step closer to UK businesses accessing the benefits of the agreement." She highlighted the potential for UK businesses to tap into the dynamic and ambitious trade environment within the CPTPP, building on the strong £21 billion bilateral trade relationship with Singapore.
Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, echoed the sentiment, saying, "UK accession to CPTPP highlights our commitment to deepening our £124bn trade relationship across the Asia Pacific."
To bring the CPTPP agreement into force for the UK, the government has introduced the Trade (CPTPP) Bill in parliament. The entry into force is anticipated in the second half of 2024, pending the completion of legislative processes by the UK and other CPTPP parties.
This milestone reinforces the UK's commitment to fostering economic partnerships in the dynamic Asia-Pacific region, opening new avenues for collaboration and trade opportunities. The CPTPP continues to serve as a cornerstone for promoting global economic integration and cooperation.
