UK businesses seeking international expansion will benefit from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
UK businesses seeking international expansion will benefit from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), say leading audit, tax and business advisory firm, Blick Rothenberg.
John Havard, a US/UK private client consultant at the firm, said: “Canada has now ratified the UK’s membership of the £13tn CPTPP bloc, which is expected to deliver around £2bn a year to the UK economy over time. The deal provides a number of benefits and opportunities for UK businesses seeking international expansion and trade.”
He added: “The rules for business travel and activities between CPTPP member countries are relaxed – albeit not to the same degree as the freedom of movement and employment within the EU. This means that visa free business trips in Canada can now be extended up to 6 months, replacing the 90-day rule Canada applies to business visitors from non-CPTPP countries. However, business travel rules vary between member countries and UK businesses should review them before making trips.”
John said: “Now the UK is a CPTPP member; Canada will allow expedited temporary work permits for highly skilled professionals and technicians in some cases. Multinational UK businesses can benefit from relaxed rules on inter-company cross-border employee transfers across all CPTPP countries.”
He added: “CPTPP gives access to preferential tariffs for member countries, but not all individual goods qualify for preferential tariffs. Businesses will need to check if their products are on the qualifying list.”
John said: “The other members of the CPTPP are Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, opening up a wide range of options for British businesses to expand, trade and invest.