1st Sep 2026 03:49
(Alliance News) - The UK has full access to an international trading agreement believed to be worth GBP2 billion-a-year to the economy in the long-term.
It has been granted full membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as of Tuesday, September 1, after Canada ratified the country's accession in July.
The UK first signed up to the deal in 2023 and it began to enter into force the following year as member countries ratified its place. Canada is the final member of the 11-strong deal to agree to the UK's membership.
The deal means that British businesses operating in Canada can travel more easily to the North American country, with eligible business visitors now able to stay for up to six months, compared with the previous limit of 90 days in any six-month period.
When combined, the economies of all CPTPP members are worth almost GBP10 trillion as of 2025.
The agreement is expected to deliver around GBP2 billion a year to the UK economy, the Government estimates.
Trade minister Lord Sarwar said: "With full access to the CPTPP, there are now new opportunities for British businesses across some of the world's fastest-growing markets.
"Whether it's selling our world-class food and drink or winning public contracts, we will continue to back British business to succeed across the world, driving growth and creating jobs across the country."
By David Lynch, Press Association Political Correspondent
source: PA
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