UK can now trade with Mexico under the CPTPP
As of 22nd June, UK businesses can trade with their Mexican counterparts under the CPTPP. The UK originally ascended to the Comprehensive & Progressive Agreement for Trans-Pacific Partnership in December 2024 when they became the 12th member of the CPTPP.
Since December 2024, each other Party has been undergoing their own national procedures to ratify the UK's accession. It is only after this process has taken place that UK businesses can utilise the CPTPP when trading with that particular country.
Mexico became the 10th country to ratify the UK’s accession, leaving Canada as the only country yet to do so. Mexico’s ratification means UK businesses now have the option of trading with Mexico under the bi-lateral trade agreement or the CPTPP, giving greater options when it comes to rules of origin. Also, due to the nature of the CPTPP, it offers greater flexibility with regards to cumulation when compared to the UK-Mexico FTA.
If you would like to know more about the CPTPP, how it benefit your business (whether that is trading with Mexico or another member) get in touch.
