Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

June 4, 2021
2021-5629

UK to begin accession process to join Trans-Pacific Partnership

On 2 June 2021, the United Kingdom’s (UK) bid to begin the accession process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was formally approved by the member countries. The CPTPP is a trade agreement between 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The UK submitted its formal request to join the CPTPP on 1 February 2021, following the end of the Brexit transition period.

The UK Government has said that it will continue to work closely with Japan,1 as this year’s chair of the CPTPP commission, as well as with the other CPTPP nations to progress negotiations as quickly as possible. The UK Government has said it will publish its outline approach, scoping assessment and consultation response before negotiations start in the coming weeks.

As background, the UK Government issued a Policy Paper in June 2020 outlining its reasons for seeking to join the CPTPP.2 The UK Government stated that it hopes that CPTPP membership will increase trade and investment opportunities for UK businesses, and thus help the UK economy overcome the economic effects of the COVID-19 pandemic; diversify the UK’s trading links and supply chains; and help to secure the UK’s future place in the world by placing it at the center of a modern, progressive network of free trade agreements with dynamic economies.

_________________________________________

For additional information with respect to this Alert, please contact the following:

Ernst & Young LLP (United Kingdom), Indirect Tax

_________________________________________

Endnotes

  1. On 23 October 2020, Japan and the UK signed a Comprehensive Economic Partnership Agreement (CEPA) after having concluded negotiations on 11 September 2020. 
  2. An update on the UK’s position on accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - GOV.UK (www.gov.uk).
 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 2024, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.

 


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or ey.com. Please refer to the privacy notice/policy on these sites for more information.


Yes, I accept         Find out more