UK Officially Joins Major Trade Group CPTPP

2024-12-15 07:08:02

(MENAFN- Kuwait News Agency (KUNA)) LONDON, Dec 15 (KUNA) -- The UK officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which in turn potentially boosting the UK economy by POUND 2 billion a year in the long run.
CPTPP is a major trade bloc whose members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and now the UK - have a combined GDP of POUND 12 trillion.
"From today businesses across the country will face lower tariffs and fewer barriers when selling to economies across three continents, with the financial services, manufacturing and food and drink sectors in particular set to benefit," a statement by UK Trade and Investment authority said.
CPTPP is designed to expand over time, further growing the economic and strategic benefits of the agreement. (end)
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