While the UK signature on the concluded accession protocol is to be welcomed, it does not mean that firms should expect to receive benefits from CPTPP expansion just yet. First, the agreement has pass domestic UK approval procedures, which includes Parliamentary votes. The protocol will also need to be approved by existing CPTPP members, using whatever domestic procedures are in place for managing this process. In some members, domestic approvals might also require Parliamentary approval. The UK accession protocol will only enter into force (EIF) once the UK and at least 6 existing members have completed their internal processes and 60 days pass. Members appear to be targeting approval within 15 months. Of course, these procedures could be shorter or longer than anticipated. When the original CPTPP was moving towards ratification and approval, members were targeting a start date of January 1, 2019. However, timing can be difficult to get quite right. Several members wanted to be among the first 6 members to ratify the deal. The Vietnamese were working hard to hit the January 1 deadline. Several existing members moved slightly faster than anticipated and the 6th instrument of ratification was deposited in time to launch entry into force on December 30, 2018, instead of January 1. This meant that the whole agreement came into force sooner than expected, with the first round of tariff cuts taking place on December 30 and the second “year” of tariff cuts starting just three days later on January 1.[1] The Vietnamese had an unexpected delay, which meant CPTPP did not come into force for Vietnam until January 14, 2019, when it joined Australia, Canada, Japan, Mexico, New Zealand, and Singapore. Peru was not a full member until September 19, 2021, Malaysia on November 29, 2022, Chile on February 20, 2023, and Brunei finally joined just last week, on July 12, 2023.[2] [Photo courtesy Photo: RNZ / Giles Dexter]
