FSB backs government move to join Trans-Pacific Partnership

The government recently announced it would formally apply to join the Trans-Pacific Partnership that involves 11 countries including Canada, Vietnam, Australia, New Zealand and Japan.

Federation of Small Businesses (FSB) national chair Mike Cherry said membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would be a hugely welcome development to all small businesses looking to either expand or begin their trading journeys.

“The agreement covers around 13 per cent of global GDP, which means a huge market would suddenly become a lot more accessible to small businesses, were the UK to join,” Mr Cherry said.

“Crucially, at the very heart of this agreement is an SME chapter, meaning that the interests of small businesses have been seriously thought about and they will hopefully be able to positively gain from this.”

Mr Cherry urged the government to commit to include an SME chapter within every new free trade agreement to ensure that no business is left behind.

“Around half (45 per cent) of small businesses have said that they see the CPTPP region as a priority market to access over the next three years which is why joining will reap vast benefits,” he said.

“The agreement contains cutting-edge provisions to help businesses trade, including self-certification of rules of origin, removal of barriers to the free flow of data, and extensive commitments on the temporary entry of business persons.

“Joining this truly world leading agreement would help small businesses thrive and succeed more than ever.”