FOLLOW RIA
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.”