RIA welcomes new milestone in the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

This morning, Japan, as Chair of the UK’s Accession Working Group on behalf of the CPTPP members, confirmed the UK will move into second and final phase of accession to join £8.4 trillion CPTPP free trade area.

Neil Walker, Exports Director at the Railway Industry Association (RIA), said: “RIA welcomes progress on the UK’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The economic grouping of 11 nations is estimated to represent 13-14% of global GDP, and is home to around 500m people, making it a key market for UK rail businesses.

“As countries look to invest in rail all around the world, as an environmentally friendly form of transport, there is a major opportunity for UK rail businesses to support that expansion through tariff-free trade. A successful UK CPTPP application will help rail supply businesses, including RIA members, navigate and succeed overseas.”

Notes to Editors

1. The announcement can be found here
2. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. On 1 February 2021, the United Kingdom (UK) formally requested accession to CPTPP.
3. About RIA: The Railway Industry Association (RIA) is the voice of the UK rail supply community. We help to grow a sustainable, high-performing, railway supply industry, and to export UK rail expertise and products. RIA has 300+ companies in membership in a sector that contributes £43 billion in economic growth and £14 billion in tax revenue each year, as well as employing 710,000 people. It is also a vital industry for the UK’s economic recovery, supporting green investment and jobs in towns and communities across the UK; for every £1 spent in rail, £2.50 is generated in the wider economy. RIA’s membership is active across the whole of railway supply, covering a diverse range of products and services and including both multi-national companies and SMEs (60% by number).