Agreement Set To £2 Billion Boost To UK Economy, Says Government

The Head of Irwin Mitchell’s International team has welcomed the announcement that the UK has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The CPTPP, a significant trade bloc that includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, now encompasses the UK, making it the first European nation to join.  

The combined GDP of CPTPP members is £12 trillion, presenting vast opportunities for UK businesses. This development is particularly encouraging for the financial services, manufacturing, and food and drink sectors, which stand to benefit significantly from lower tariffs and reduced trade barriers.

According to the government, this landmark accession has the potential to boost the UK economy by £2 billion a year in the long run.

Irwin Mitchell is particularly optimistic about the positive impact this will have on regional economies. The expected economic boosts of £240 million for Scotland, £110 million for Wales, £70 million for Northern Ireland, £450 million for the South East, and £310 million for the North West.

Expert Opinion

"The news of the UK joining the CPTPP, a long-held ambition for the UK, is a significant occasion that aligns perfectly with the growing overseas interest across the UK regions. Through our international network and interest in ASEAN and APAC countries, we are already witnessing significant interest, which will undoubtedly create numerous opportunities for businesses, support jobs, raise wages, and drive investment.

“As the UK continues to expand its international trade relationships, we remain committed to supporting businesses in navigating new markets and capitalising on these opportunities. Over the past 12 months, we’ve hosted inward trade delegations alongside the Department for Business & Trade from these regions. The firm now looks forward to aiding clients in leveraging the advantages of CPTPP membership and contributing to the broader economic growth of the UK."
Bryan Bletso, Head of Irwin Mitchell's International Team,

Irwin Mitchell recently published their Foreign Direct Investment (FDI) report analysing the 50 most attractive locations for FDI in the UK. The report found that Edinburgh was the most attractive location outside of London, with other locations such as Manchester and Birmingham also performing well. Additionally, the report highlighted that Freeports and Investment Zones were becoming increasingly popular, signalling a trend towards these areas as key targets for future investment.

Irwin Mitchell is a member of numerous strategic international networks. It joined First Law International (FLI) in October 2018 as part of its international growth strategy and since being appointed it has become a key member of the network - highlighted by its appointment to FLI’s Advisory Board.