Singapore ratifies UK’s accession to transpacific free trade pact

SINGAPORE has formally ratified the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Tuesday (Jan 23).

This means that more than 99 per cent of UK goods exports – including British whisky and cars – to member nations of the Pacific Rim free trade pact will be eligible for zero tariffs.

The UK first applied in February 2021 to join the 11-member Indo-Pacific trade group that comprises Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Negotiations concluded in March 2023 and the UK formally signed the treaty later in July.

For the agreement to enter into force, each of the existing member nations will first have to ratify the UK’s accession in accordance with their domestic law.

Japan was first to ratify the UK’s membership in December last year, and Singapore stands as second.

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With the UK on board as the 12th member, the trade bloc now accounts for 15 per cent of the world’s gross domestic product, or about £12 trillion (S$20.5 trillion).

The UK is the first non-founding country to join the CPTPP, and the second-largest economy in the bloc after Japan.

Said British High Commissioner to Singapore Kara Owen: “Accession will connect the UK to a group of economies who are the most dynamic and ambitious on trade, and provide opportunities for our business to build on the strong £21 billion bilateral trade relationship with Singapore.”

Martin Kent, His Majesty’s Trade Commissioner for Asia-Pacific, said: “UK accession to CPTPP highlights our commitment to deepening our £124 billion trade relationship across the Asia-Pacific, one of the most dynamic and fast-growing trading areas in the world.”

The treaty is expected to enter into force in the second half of 2024 once the UK and existing CPTPP parties have completed their respective legislative processes.