• The United Kingdom has reached an ‘agreement in principle’ to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• Jersey has been included in the UK’s agreement with the CPTPP for trade in goods, with future opportunities for services.
• This means Jersey businesses will benefit from access to new markets.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a multilateral trade partnership amongst eleven countries.
Following extensive negotiations, Jersey has been included in the UK’s agreement with the CPTPP for the trade in goods. This will provide Jersey businesses access to new markets and business opportunities when the agreement comes into force.
There is also the opportunity for the services-related chapters of the CPTPP to be extended to Jersey at a later date.
The Assistant Minister for External Relations, Deputy Ian Gorst, said:
“The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is one of the largest trading blocs in the world, with the 11 signatory countries collectively representing 13.4% of global gross domestic product.
“I would like to thank all parties for their efforts in working to ensure Jersey's interests were represented throughout the negotiations. The extension of the CPTPP will provide our businesses with opportunities to access new markets as well as raising the profile and visibility of our Island across this global trading partnership."
An ‘agreement in principle’ is when two parties agree the text of the agreement. It is neither the formal signing of the agreement nor a declaration that the agreement is in force. Following an announcement that an agreement in principle has been reached, the text will undergo the necessary legal checks (often referred to as “legal scrub”) to ensure consistency. This will then be followed by a formal signing ceremony at a later date.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Since their departure from the European Union, the UK government has been pursuing a wide range of trade agreements with countries around the world, some of which Jersey has already been included in, such as Australia and New Zealand.
Jersey’s participation in these agreements is in line with the Island’s trading objectives – as outlined in the Common Policy for External Relations (CPER) – and the pursuit of opportunities that will provide better market access and business opportunities to the Island’s economy.
Government of Jersey News Release