Yesterday,UK has officially joined CPTPP,a major trade bloc in the Indo-Pacific which includes countries like Japan,Vietnam,Peru,Chile,Malaysia and many others.

The decision of UK to become a member of Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) will unlock more trade opportunities for UK businesses.

The CPTPP is one of the major trade bloc with a combined Gross Domestic Product(GDP) of £12 trillion and is expected to grow in the near future when other members join.

According to UK Department for Business and Trade,the UK's accession is estimated to benefit all UK nations and regions in the long run,relative to 2019 values,with boosts of £240 million for Scotland,£110 million for Wales,and £70 million for Northern Ireland.All English regions are also estimated to gain,including £450 million for the South East and £310 million for the North West.

The department emphasised that from today businesses across the country will face lower tariffs and fewer barriers when selling to economies across three continents,with the financial services,manufacturing and food and drink sectors in particular set to benefit,helping to support the Government's Plan for Change by boosting household wages by £1 billion every year and delivering on one of the five missions of kick-starting economic growth.

UK's Business and Trade Secretary,Jonathan Reynolds seems happy and convinced that their involvement in the CPTPP trade bloc will benefit the masses across United Kingdom.

"Britain is uniquely placed to take advantage of exciting new markets,while strengthening existing relationships.Today's news is further proof that the UK is a wonderful place to do business,with an open,outward looking economy driving the growth people can feel in their communities.

"Agreements like this boost trade and create opportunities for UK companies abroad.This is a proven way to support jobs,raise wages,and drive investment across the country which is key to this Government's mission to deliver economic growth.

Our Trade Strategy,published next,will finally put in place a long-term,strategic plan for international trade that helps businesses and consumers and,ultimately,grows the economy,"said Jonathan Reynolds.

The department also revealed that CPTPP is designed to expand over time,further growing the economic and strategic benefits of the agreement.Costa Rica was recently announced as the next country to go through the process of joining,and other economies such as Indonesia -the largest economy in Southeast Asia,with a GDP of over £1 trillion and home to around 280 million people in 2023 -have already expressed an eagerness to join the bloc.

The participation of Britain in the Indo-Pacific trade bloc has been welcomed and praised by even business people in that country because it will open more markets for their businesses in another countries.

Ian Stuart,CEO of HSBC UK said:"Being part of the CPTPP signals that UK is open for business with some of the world's most exciting growth markets.Since the announcement of the UK's accession in July 2023,we have seen an increase in payments between the CPTPP markets and the UK,and we expect this growth to continue.As the world's leading trade bank,with deep roots across many CPTPP countries,we are well-positioned to connect UK businesses with growth opportunities in markets such as Japan,Singapore,New Zealand,Vietnam,Malaysia,and Australia."

Jean-Etienne Gourgues,Chairman and CEO of Chivas Brothers said:"At a time of increasing barriers to trade globally,the UK's accession to the CPTPP is welcome news for Chivas Brothers Scotch whisky business.Improved access to markets in dynamic regions like South East Asia and Latin America in a trading bloc which covers almost a fifth of the total value of Scotch whisky exports should help boost our £1BN annual exports."

Matthew Borthwick,Chief Executive Officer of Scalerr said:"International expansion isn't just for the big businesses out there.Due to agreements like the CPTPP,UK SMEs will also benefit,making it easier to trade with CPTPP countries.As a tech scale-up consultancy with customers across the world,we at Scalerr welcome the support the CPTPP will provide by reducing costs,easing administrative burdens,and facilitating international trade."

The department said that through CPTPP,the UK now has free trade deals with Malaysia and Brunei for the first time,economies with a combined GDP of over £330 billion last year.

UK is also working tirelessly on securing trade deals with partners such as the Gulf Cooperation Council,India,Switzerland and South Korea.