Now that the UK has formalised the membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), what difference does this make for us at Addfield and, most importantly, to our customers in these countries?
As an exporting champion, we have already established a strong presence in the majority of the countries across the partnership, including Australia, New Zealand, and Canada. As such, Addfield we are well-positioned to reap the benefits of the UK joining the (CPTPP).
The CPTPP is a trade agreement that was created back in 2018 between 11 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The agreement reduces barriers to trade and investment, promotes economic growth, and increases economic integration between the member countries. Since the UK's departure from the European Union, we have found additional challenges in exporting. We are grateful that our government has worked hard to strengthen trade ties with other countries, and joining the CPTPP is a massive step in that direction.
For us at Addfield, the benefits of the UK joining the CPTPP are significant. Firstly, the agreement will reduce tariffs and other trade barriers we have faced exporting to member countries. This is excellent news for our customers as our medical incinerators, agricultural incinerators, and pet cremators are once again more competitive in these markets, leading to potentially massive savings across our range. This is the first time in some member countries they will be available without these added costs.
Another vital factor for us is the inclusion of provisions for sustainable development and environmental protection. As proud members of the UNCOP, this is particularly relevant to Addfield, as we emphasise the importance of machines to help manage waste and reduce pollution. By joining the CPTPP, we now have more opportunities to work with other member countries' governments and NGOs to help develop and implement sustainable policies and practices, which would benefit both the environment and businesses like Addfield, as we already have in other regions.
Overall, this is a fantastic opportunity for Addfield and all our existing and future customers. Even though we are already established in all but one of the member countries, we are confident that now we can sweep the board and get 11 out of 11. This agreement will significantly help by reducing trade barriers, protecting our intellectual property, increasing our e-commerce and digital trade, and supporting our commitment to sustainable development. We are really optimistic about the extra opportunities that will come from the UK joining the CPTPP.
To learn more about the benefits that this brings visit www.addfield.com