Facilitating market development across the CPTPP

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement among 11 countries: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, and Vietnam, signed on 8 March 2018, in Santiago, Chile. The CPTPP, which builds on the provisions of the Trans-Pacific Partnership (TPP) Agreement with certain suspended provisions, entered into force on various dates between 2018-2023. This high-standard agreement promotes market access for goods and services and foreign investment regulations and fosters economic integration among its members while remaining open to other nations meeting its criteria. For Australia, it preserves the market access and regulatory commitments of the original TPP, offering significant opportunities for exporters, investors, and international businesses. A significant aspect of the CPTPP is its emphasis on sustainable development and environmental protection, which includes commitments related to the energy transition. Member countries are encouraged to support renewable energy development, improve energy efficiency, and reduce carbon emissions. On 16 July 2023, Ministers responsible for trade between CPTPP Parties and the UK signed the UK’s Accession Protocol, enabling the UK to join the CPTPP, marking a significant expansion of the partnership's reach and influence. The UK's membership is expected to come into full effect in the second half of 2024 once all legislative processes are completed by the UK and the existing CPTPP members​.