The UK government has clinched a massive trade deal to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This deal thrusts Britain into a colossal trade bloc spanning the Indo-Pacific, boasting a combined GDP of £11 trillion once the UK is on board.
Scottish Businesses Poised for a Boost
- Over 800 Scottish firms exported goods worth £2.1 billion to CPTPP countries in 2021, a figure set to rise.
- The deal unlocks access for Scottish startups, farmers, and companies to some of the world’s fastest-growing economies and the emerging middle class.
- Key exports like whisky could benefit hugely, with tariffs dropping from up to 80% on exports to countries like Malaysia.
Top Brass Speak Out on Game-Changing Pact
Prime Minister Rishi Sunak: “We are at our heart an open and free-trading nation. This CPTPP deal shows the real economic benefits of our post-Brexit freedoms. The UK is now perfectly placed to grab new jobs, growth and innovation opportunities.”
“As the first European country to join, British businesses now get unrivalled access to markets stretching from Europe to the South Pacific.”
Business and Trade Secretary Kemi Badenoch: “Joining CPTPP signals the UK is open for business. It will support jobs and open doors for companies of all sizes across the UK. Scottish firms will gain improved access to the Indo-Pacific region, which is tipped to dominate global growth in the coming decades.”
Scottish Secretary Malcolm Offord: “Finalising this deal is fantastic news for Scottish business. CPTPP countries already make up a big slice of our export market. This lifts the red tape from whisky, textiles, and produce – opening fresh markets hungry for Scottish goods.”
Businesses Celebrate New Trading Horizons
Anishka Jelicich, Pernod Ricard UK: “CPTPP is a huge opportunity for Scotch whisky. Five of our top 20 export markets are CPTPP members. Tariff cuts and easier access to fast-growing economies will drive exports and secure jobs – with sales doubling in some areas.”
Edinburgh tech firm Cyacomb, which offers cutting-edge digital forensics software, is banking on the deal to ramp up exports to Canada and expand into Australia and Singapore.
Ian Stevenson, Cyacomb CEO: “CPTPP will cut the red tape and simplify trade with customers in Canada and other markets, freeing us to focus on delivering value and innovation.”
Meanwhile, Livingston-based CessCon Decom, with an office in Brunei, specialises in decommissioning offshore oil and gas infrastructure. The trade bloc will boost their business and growth potential.
Lee Hanlon, CessCon Decom CEO: “Joining CPTPP opens doors that weren’t available through the EU. It strengthens our relationships in Brunei and unlocks new market possibilities in fast-developing economies.”
Gateway to Global Growth and Influence
The Indo-Pacific region covered by CPTPP holds 60% of the world’s population and is forecast to deliver 54% of global economic growth in the coming decades. Half the world’s billion middle-class consumers will live here.
By joining, the UK will shape future trade rules in cutting-edge industries like digital, data, and services — cementing its role as a global trading powerhouse.
Formal signing is expected later in 2023 as all parties complete the final legal steps.
