Global trade agreement provides "opportunities to access new markets"

Monday 03 April 2023

The island's businesses will be able to access new markets after Jersey was included in the UK’s latest post-Brexit trade agreement.

Following "extensive" negotiations, Jersey has been included in the UK’s agreement with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a multilateral partnership among 11 countries, for the trade in goods.

This means that when the agreement – which is currently only "in principle" – comes into force, Jersey business will be provided access to new markets and business opportunities. In future, opportunities for services within the CPTPP might also be extended to Jersey.

Assistant External Relations Minister Deputy Ian Gorst said the CPTPP is "one of the largest trading blocs in the world", with the 11 countries collectively representing 13.4% of global gross domestic product (GDP).

Pictured: Deputy Ian Gorst said the inclusion would allow businesses to "access new markets" and raise "the profile and visibility of our Island"

Deputy Gorst said: "The extension of the CPTPP will provide our businesses with opportunities to access new markets as well as raising the profile and visibility of our Island across this global trading partnership."

He added that he "would like to thank all parties for their efforts in working to ensure Jersey's interests were represented throughout the negotiations."

This comes as the latest in a series of trade agreements struck between the UK and countries around the world since their departure from the European Union, some of which Jersey has already been included in, such as the UK-Australia Free Trade Agreement and the UK-New Zealand Free Trade Agreement.