Singapore ratifies UK’s accession to transpacific free trade pact
Business Times - 23 January 2024
Singapore ratifies UK’s accession to transpacific free trade pact
By Goh Ruoxue
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.
