UK Joins CPTPP: Boost for Medicine Manufacturers and Global Trade - 0 views
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pharmacybiz on 12 Sep 24Last month, the UK secured the final ratification required to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking a significant milestone in its international trade relations. The deal, set to come into force by 15 December 2024, will establish the UK as part of a free trade area spanning five continents and nearly 600 million people. With more than 99 per cent of UK goods exports to CPTPP members becoming tariff-free, the agreement is poised to boost exports and contribute to the government's goal of driving economic growth. In an exclusive interview with Pharmacy Business, Mark Samuels, chief executive of the British Generic Manufacturers Association (BGMA), discussed the impact of the UK's accession to CPTPP on the pharmaceutical sector, particularly for generic medicine manufacturers. "In many respects, the UK's accession to CPTPP will not immediately impact medicine manufacturers," Samuels said. "CPTPP had already set out the regulatory, intellectual property (IP) and market access rules in the other 11 member countries, and the UK has already worked to the standards framework in the agreement."