The UK has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with seven Asia-Pacific nations, including Japan and Australia. The pact, worth £11 trillion, aims to boost GDP by 0.08% over 10 years, with the UK being the first non-founding member and its second-largest economy after Japan.

The UK has trade deals with Australia and New Zealand since Brexit, with Brunei and Malaysia remaining unadvanced.

The CPTPP represents 8% of UK exports in 2019, less than Germany.

The main benefits include increased market access, a promise to eliminate or reduce 95% of import tariffs, and special treatment for manufacturers of machinery and medicines.

CPTPP participation also grants foreign investors the same status as domestic enterprises when investing in projects in other member states, supporting businesses and jobs.

However, countries need not follow the same rules, as entering the CPTPP does not require re-joining the EU.