The UK has today, 31 March, announced the conclusion of trade talks with member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a vast free trade area spanning the Asia-Pacific, after 21 months of negotiations.

The bloc is home to over 500 million people and will have a total GDP of £11 trillion once the UK joins.

Negotiations, which began in June 2021, concluded after an intense round of talks in Vietnam, with representatives from all CPTPP member countries agreeing to the UK’s accession.

The UK is the first new member and European country to join CPTPP, which is made up of 11 Pacific nations including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

As a free trade area connecting a wide group of economies, CPTPP creates opportunities to deepen our trading links across the Americas, providing a range of different opportunities with the different countries.

UK Business and Trade Secretary Kemi Badenoch said, 'Our accession to CPTPP sends a powerful signal that the UK is open for business and using our post-Brexit freedoms to reach out to new markets, including in the Asia Pacific region, and grow our economy.

'Joining this influential trade bloc will help us to shape the rules of global trade with like-minded nations, and work even closer together on our shared priorities of prosperity, security and free and fair trade.

UKHospitality Chief Executive Kate Nicholls noted, “The opportunity to strike trade deals around the world offers great opportunities for the Government to further the fantastic product UK hospitality has to offer and cement our reputation as a world-leading tourist destination.

'I’m hopeful that the new deals we strike will also lower the cost of imported food and drink, which should lead to lower costs to customers.

“Initially, it would appear that the agreement to join the CPTPP will offer greater investment opportunities for the UK’s hospitality sector through a closer relationship with a wider pool of countries. However, it is disappointing that there appears to be little on labour markets and incorporating immigration agreements into this deal.

“With the enormous staff shortages that are destroying hospitality businesses, new trade deals should provide the perfect opportunity to strike agreements to help fill those gaps through working visas.”

Rupert Ashby, chief executive of the British Frozen Food Federation, commented, “The British Frozen Food Federation is pleased to learn of confirmation of the UK’s accession to the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP). This trade agreement is good news for British businesses throughout the frozen food supply chain which are looking forward to more efficient trade relations with the Asia-Pacific region.

“Frozen food producers, distributors and retailers which have faced difficulties since the UK’s withdrawal from the European Union will be reassured that this new trade agreement is expected to boost the UK economy by £1.8bn in the long run, with more than 99% of UK exports to the bloc now eligible for zero tariffs.

“Frozen food has become an increasingly popular choice for consumers looking for high quality and affordable options in their weekly shop and I know that our members will seek to reach more international markets through this trade opportunity.”