The UK is now the 12th member of this trade bloc, having signed the accession protocol in July last year.

British officials hope it could add to the economy about 2 billion pounds (2.5 billion USD) per year as British businesses are able to access a market of more than 500 million people.

Established in 2018 and contributing about 15% of global GDP, CPTPP now has 12 members, including three G7 members – Canada, Japan and the UK – plus Australia, New Zealand, Mexico, Peru, Chile, Singapore, Brunei, Malaysia and Vietnam.