The UK’s accession to the 12th CPTPP member on 15 December amid escalating global trade tensions marks a pivotal moment in global trade dynamics, as the UK strategically positions itself in the Indo-Pacific region.
"Joining the CPTPP is an important step for the UK in the current global trade context," said former UK Trade Ministry official John Alty.
“It helps Britain navigate an increasingly fragmented international trading order and assert its influence within a framework that includes some of the fastest-growing economies in Asia.”
Mr Alty noted that the move demonstrates a proactive approach to shaping the future of global trade relations, underlining the strategic importance of the UK’s decision to join the CPTPP.
According to UK Trade Policy Secretary Douglas Alexander, joining the CPTPP offers significant opportunities for UK businesses to access new markets and boost economic growth. “As the bloc continues to grow, UK businesses can benefit from increased market access and increased trade opportunities, in line with the Government’s core mission of promoting economic prosperity,” Mr Alexander said.
According to the UK Government, joining the CPTPP has the potential to boost the UK economy by £2 billion a year in the long term. In addition, the UK's participation in the CPTPP not only serves the UK's economic interests but also reflects a broader commitment to promoting global trade cooperation and stability.
HSBC UK CEO Ian Stuart said that becoming part of the CPTPP signals that the UK is open to doing business with some of the world's most exciting growth markets such as Japan, Singapore, New Zealand, Vietnam, Malaysia and Australia.
Speaking at the recent CPTPP Business Connection event in Hanoi, British Ambassador to Vietnam Iain Frew said that the UK is committed to becoming a proactive and trustworthy member of the CPTPP.
The UK sees Vietnam as a gateway to Southeast Asia and is ready to support Vietnam’s ambitions for sustainable growth and innovation, while promoting inclusive trade that benefits everyone. The UK reaffirms its commitment to working closely with the Vietnamese Government to ensure that UK and Vietnamese businesses and investors can reap the benefits of the UKVFTA and CPTPP in the future.
According to analysts, in addition to the above benefits, the UK's decision to join the CPTPP also requires a delicate geopolitical balancing act, especially in the context of evolving relationships with global powers such as the US and China.
As Prime Minister Keir Starmer navigates the complexities of international diplomacy, the UK’s role in the CPTPP will be crucial in shaping regional dynamics and protecting its strategic interests.
