What the expansion of the Trans-Pacific Partnership will mean for B.C. businesses

In March, the United Kingdom made it one step closer to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as the country's CPTPP Act received royal assent. After two years of negotiations, the U.K.'s planned entry later this year to the 11-country t...

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Bibliographic Details
Published in:Business in Vancouver 2024-05 (1803/1804), p.4
Main Author: Xiong, Daisy
Format: Article
Language:English
Subjects:
Exports
Foreign investment
International trade
Partnerships
Trans-Pacific Partnership Agreement
Online Access:Get full text
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Summary:In March, the United Kingdom made it one step closer to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as the country's CPTPP Act received royal assent. After two years of negotiations, the U.K.'s planned entry later this year to the 11-country trade pact marks the first new member to join the CPTPP since the partnership's formation. It also means that more than 99 per cent of current U.K. goods exports to CPTPP countries--including Scotch whisky and cars--will be eligible for zero tariffs. Experts say B.C. businesses could greatly benefit from the expanded multilateral trade agreement, including those that want to grow existing business partnerships with member countries and those looking to invest in markets covered under the agreement.
ISSN:0849-5017