Chamber welcomes UK 's Asia-Pacific trade deal

Greater Birmingham Chambers of Commerce (GBCC) has welcomed a new deal signed by the UK to join a trade pact with 11 Asia and Pacific nations.

It is set to boost UK exports by cutting tariffs on goods such as cheese, cars, chocolate, machinery, gin and whisky, the government said.

The trade deal, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was established in 2018, and includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

It covers a market of around 500 million people.

The international team of GBCC will be on hand to offer firms the support needed to ensure they get the best possible access to this thriving market within the global trade system.

Greater Birmingham Global Chamber of Commerce (GBGCC) is a division of the Greater Birmingham Chambers of Commerce (GBCC) and offers a membership-based international gateway for firms wishing to develop bilateral trade opportunities.

GBCC policy advisor Cameron Uppal (pictured) said: “The UK's decision to sign a deal to join a trade pact with 11 Asia and Pacific Nations is welcome news and will be important for West Midlands businesses who have a heavy exporting focus to this area of the world, with the Asia and Oceania market ranking as second on the list of top export markets for the West Midlands in 2022.

“This multi-national trade agreement will target a trade area that covers a market of around 500 million people, which will only serve to help those local businesses who are export focused; the extent of this can be seen by the fact that the value of exports from the West Midlands was accounted to be £48.7 billion in 2022.

“Announced at a time when we have heard from members that their businesses have faced increased difficulties in importing, this news will be very beneficial in seeing reduced costs to imported component parts from members countries to use in manufactured goods for export.

“Joining the group will go some way to boosting UK exports by cutting tariffs on a number of goods such as chocolate, cars, and machinery- goods that businesses in the Birmingham and the West Midlands are known to export."

If your business is looking to expand its overseas reach, then please visit the GBCC webpage for more information