Singapore ratifies UK membership to trans-Pacific trading bloc

By Burak Bir

LONDON (AA) - Singapore became the second country on Tuesday to ratify UK membership to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Britain is a step closer to becoming a fully-fledged member of the trade group after Singapore ratified the UK’s membership after Japan, the UK Foreign Office and Department for Business and Trade said in a statement.

Under the deal, more than 99% of UK goods exported to CPTPP countries, with a combined worth of £12 trillion ($15.2 trillion) or 15% of global GDP, will face zero tariffs, including British whisky and cars, according to the statement.

Welcoming the ratification by Singapore, British High Commissioner to the South East Asian country, Kara Owen said accession will connect the UK to a group of economies that are the "most dynamic and ambitious on free trade."

"We look forward to growing our trading partnerships with all members through the ambitious liberalisation commitments, enabling new rules of origin arrangements and opportunities for investment and collaboration," she added.

To bring the deal into effect, the British government has introduced the Trade (CPTPP) Bill in parliament and entry into force is expected in the second half of 2024 once the UK and CPTPP parties have finished their legislative processes.

The UK formally agreed last July to join the CPTPP, an Asia-Pacific trade bloc made up of 11 other countries including Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.