British business sizes up global trade wins as Malaysia and Chile join Indo-Pacific bloc

UK business opportunities bolstered as Malaysia and Chile join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

Malaysia and Chile ratify membership of CPTPP, bolstering the Indo-Pacific trade bloc worth a combined £9 trillion of GDP
The UK is working to become the first European member of the bloc this year with negotiations progressing well
British businesses can add Malaysia and Chile to the list of countries they could benefit from lower tariffs on exports to now they have joined CPTPP
Malaysia and Chile have officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), meaning British businesses will get better access and lower tariffs in the Malaysian and Chilean markets when the UK joins the dynamic trade bloc.

Malaysia is one of the CPTPP members with which the UK does not currently have a bilateral free trade agreement. The UK and Malaysia both joining CPTPP will greatly increase the UK’s access to the Malaysian market and could boost the £2.9bn worth of exports we currently sell there annually.

Chile was the first country to sign a trade deal with the UK after we left the EU which secured preferential access to each other’s markets. Chile remains one of the foremost champions of free and open trade in the Pacific region and is keen to deepen our trading relationship, which was already worth £1.5bn in 2021.

Joining CPTPP will also provide opportunities for collaboration with Chile in areas such as fintech, green finance and cybersecurity, supporting innovation in our financial services sector and helping develop our countries as leaders of financial services.

The UK is making good progress in negotiating our own accession to CPTPP. UK accession could mean more than 99% of UK exports to member countries become eligible for tariff-free trade.

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