New UK Trade Agreement Effective This Month
The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the scheme becomes effective from December 15th.
Imports and exports for Brunei, Chile, Japan, Malaysia, New Zealand, Peru, Singapore and Vietnam can all be moved through the scheme from that time, with Australia coming on line from December 24th.
The UK becomes the twelfth member of CPTPP, which now has a combined GDP of over 12 trillion pounds. Mexico and Canada are also members of CPTPP, but neither country has fully ratified the UK agreement yet and when they do there will be a 60-day cooling off period before UK businesses can trade with them under the new scheme.
CPTPP is a free trade agreement aimed at reducing tariffs and other trade barriers, and should improve market access to its trading members for UK businesses.
The vast majority of products will be duty-free under CPTPP preference, with exceptions when other agreements are already in place and for some particular commodity codes.
Unlike other trade agreements, CPTPP does not require a specific preference statement for claiming the duty relief, but does need to follow certain documentary requirements.
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