UK: The UK joining the Comprehensive & Progressive Agreement for Trans-Pacific Partnership could be positive news for railway suppliers, according to the Railway Industry Association.
On March 31 the government announced that agreement had been reached for the UK to join the CPTPP later this year. The trade agreement covers Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The government said UK exports to CPTPP countries were worth £60·5bn in the 12 months to the end of September 2022.
RIA said the UK railway industry has a global reputation, so there is a great potential to grow exports, boosting British trade and increasing the resilience of the supply chain
‘The announcement that the UK is joining CPTPP could be positive news for railway suppliers’, said RIA Chief Executive Darren Caplan on March 31. ‘Most of the CPTPP countries already recognise the power of rail as a sustainable form of transport, as they continue to develop their networks. This trade deal cuts tariffs and so enables the UK rail supply chain to export its world-class goods and services to a wider global market, benefiting not just the supply sector but also UK plc more broadly.’
A source at an Asia-Pacific region supplier told Rail Business UK ‘we would need to look at the small print before giving a view. But we’re in favour of free trade and as little friction between borders as possible.’
