May 22nd, 2024
6 mins
The Department for Business and Trade (DBT) in the Midlands is delighted to announce an exclusive opportunity to hear all about the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for Agriculture, Agritech, Food and Drink companies in the Latin American countries of Chile, Mexico and Peru.
With UK exports to current CPTPP members forecast to increase 65% by 2030, this partnership offers huge potential for UK trade with overseas markets. This is thanks to the fact that 99.9% of UK products will be eligible for tariff-free trade, with lower tariffs also secured for other exports, such as lamb, poultry, beef, and dairy. The UK is the first European country to join the CPTPP, after it concluded negotiations on 31 March 2023.
Session details:
Delivered by Daisy Knox, DBT’s Deputy Head of Policy / LATAC Lead – FTA Utilisation, this briefing session will help you understand:
- The key provisions of the CPTPP.
- How you can make the most of its opportunities to sell your products or services to the CPTPP’s Latin American members – Chile, Mexico, and Peru.
- How joining the CPTPP will allow UK goods manufacturers to benefit from cheaper access to imported machinery parts, zero tariffs on final exported products, as well as digital measures supportive of future technologies.
- How the agreement compliments existing Free Trade Agreements with some of these CPTPP members.
The session will include a Q&A so you can ask specific questions.
About the region and sector opportunities
The three Latin American CPTPP members have a population of 179m out of the total CPTPP population of over 500 million people – a young, highly educated, and entrepreneurial group which is creating new engines of growth and has growing demand for UK products.
In Q2-2023, the year-on-year increase in exports from the UK to Latin America reached 34%. Including the UK, CPTPP will have a combined GDP of £12 trillion.
Mexico
- Total trade in goods and services (exports plus imports) between the UK and Mexico was £5.9 billion, in current prices, in 2022.
- There are opportunities and reduction in tariffs in the new trade deal for Dairy, Beef, Pork, Poultry, Lamb, Coffee, Potatoes, Apples and Cereal.
Peru
- The UK signed a continuity deal with Peru, Colombia, and Ecuador in May 2019. The UK-Andean agreement secures preferential trading conditions for all four countries, where total trade in goods and services was £5.8 billion in 2022.
- Peru’s economy accounted for £3.5 billion worth of UK trade in 2022.
- There are proposed tariff reductions in Peru for Beef, Poultry, Garlic, Mushrooms, Sweetcorn and Rum.
Chile
- Chile was the first country with which the United Kingdom signed a continuity trade agreement, a temporary treaty designed to guarantee the continuation of trade between both countries after the Brexit transition period.
- Total UK exports to Chile amounted to £1.1 billion, in current prices, in 2022.
- There are proposed tariff reductions in Chile for Dairy, Fish, Sugar and Molasses Products.
Producers of these products will need the equipment to boost their production when they secure bigger orders in any of these CPTPP markets.
Registration:
To register your interest in attending this session and learn more about how the CPTPP can benefit your business, please click here.
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