U.K. formally joins CPTPP to little fanfare and low expectations

Malaysia stands to gain from free palm oil exports but few other benefits seen

Business and Trade Secretary Kemi Badenoch says joining the CPTPP "will help grow the U.K. economy." London's own assessment shows a boost of 0.08% over 15 years. (Photo courtesy of U.K. Department for Business and Trade)

RHYANNON BARTLETT-IMADEGAWA, Nikkei staff writer

July 16, 2023 10:30 JST

LONDON -- The U.K. on Sunday signed an agreement to join the CPTPP in Auckland, New Zealand, formalizing its accession as the first new member to the 11-nation trading bloc, although analysts see little economic impact from the deal.

The main obvious beneficiary is Malaysia, which stands to gain tariff-free palm oil exports into the U.K., from up to 12% now, once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership enters into force.