The UK is set to join the trans Pacific trade deal (CPTPP) by the end of this year after Peru signed off on Britain’s membership.
The Department for Business and Trade confirmed that Peru had provided the sixth and final ratification needed to trigger UK accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The UK’s membership will come into force on 15th December 2024.
Tom Wills, TJM Director responded:
"The CPTPP’s investor-state dispute settlement (ISDS) provisions are deeply concerning. They give corporations the power to challenge public policies such as high climate standards or human rights protections. Rather than further exposing the UK to being sued by foreign investors, the UK government should be looking to limit ISDS. Australia and New Zealand have both insisted on ‘side letters’ with the UK to suspend the ISDS elements of the CPTPP. Labour has the chance to begin a new chapter of modern and responsible trade policy. Seeking similar ‘side-letters’ with other CPTPP members should be the first step.”
