Countries in the region offer modern business facilities, often with a degree of tradition maintained.
The Business Secretary, Kemi Badenoch, journeyed to New Zealand to sign off a new trade deal on 16th June. This gives us membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Membership comprises of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and now the UK. The external market this offers holds around 500 million people, in a growing region.
The government’s own predictions have suggested less than 0.01% of growth for the UK from the deal, partly as the UK aready has trade agreements with most members. There are still some improvements to market access.
How The CPTPP Works
The CPTPP is not like the EU, with no apparent wish for political union, a common currency, or interlinked citizenship. The diverse forms of government within member states makes this unlikely to change.
Improving economic and trade links is the objective, by making service provision more open and reducing tariffs on a range of goods. Rules of origin barriers are removed to a fair degree, as are obstacles to digital trade.
As with most trade deals, there are time delays for changes to become reality. Neither does this give us access to the equivalent of a customs union. Normal customs procedures remain in place between all member nations.
ATA Carnets In The CPTPP
All CPTPP members are part of the ATA carnet family, with the exception of Peru, who are in the process of joining and Brunei. More detailed information can be seen on this website for a number of countries:
- ATA Carnet Australia
- ATA Carnet Canada
- ATA Carnet Japan
- ATA Carnet Mexico
- ATA Carnet New Zealand
- ATA Carnet Singapore
- ATA Carnet Vietnam
Chile and Malaysia accept carnets for commercial samples, professional equipment and fairs, or exhibitions, as do most of those above.
There can be odd differences, such as carnets being valid for 6 months rather than 12 in Mexico, or with the still developing system in Vietnam. We suggest you contact our support team for local information at an early stage.
A Trading Opportunity
No party is suggesting that CPTPP Membership will revolutionise UK trade. Market access has however been improved and issues such as rules of origin, data transfer, or safety regulations will be less cumbersome.
Having a voice and a membership tag can make dealing with companies in the region easier. The fact that most are ATA carnet members will help, for service trips, initial business visits, or attending commercial fairs.
They can lead to establishing contacts who wish to share in profitable ventures, the principles of business are not so different across the globe.
Should you need assistance with temporary export to CPTPP countries, please get in touch. We have long term experience of business journeys to the region and the ways that ATA carnets can improve access.