The UK officially starts its new membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this month, which includes twelve members with a combined GDP of over 12 trillion pounds.

From December 15th, the CPTPP scheme is effective for Brunei, Chile, Japan, Malaysia, New Zealand, Peru, Singapore and Vietnam and from 24th December that will also include Australia.

While Mexico and Canada are also members of CPTPP, neither country has ratified their respective UK agreements yet. When they eventually do there will be 60-day period before UK parties can trade with them under CPTPP.

CPTPP is a free trade agreement that reduces tariffs and other trade barriers, and is expected to improve market access for UK businesses.

The majority of goods will be duty-free under CPTPP preference, but there will be exceptions when other agreements are in place and on specific commodity codes.

Unlike some trade agreements, CPTPP does not require a specific preference statement for claiming duty relief, which can be obtained from following certain documentary requirements.