INFOGRAPHIC within the bloc . For example , automotive parts from Mexico can now be imported tariff-free into the UK and cars produced here can then be sold into the Malaysian market , benefitting from the terms of CPTPP .
“ By signing this free trade agreement , UK businesses can sell more goods and services , increasing their international trade footprint and generate more opportunities for employment in the wider economy .
“ Also , looking at services , the UK is the second biggest services exporter in the world – behind only the US . The services sector contributes around 80 % of the UK ’ s GDP . Being part of CPTPP has secured enhanced market access for UK service suppliers which exported £ 30 billion worth of services to CPTPP countries in
2021 – this is set to continue to grow through this agreement .
“ For the British consumer , the goods we import from these nations – whether it ’ s a Japanese television , Australian wine or Peruvian coffee – will be tariff-free . The existing taxes on these products are currently paid directly by consumers . Now , we will see far more of our familiar , everyday imported products available at lower prices .
“ Since the UK announced its intention to join CPTPP , many other countries are now looking to join . Which means the potential market access and benefits will continue to significantly increase in the coming years . The Institute of Export & International Trade is ready to help businesses understand how they can realise the full potential of this agreement .” x www . intelligentcxo . com
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