Britain on Sunday became the first European nation to join a major Indo-Pacific trading bloc, in what has been hailed as the country's biggest trade deal since Brexit.
The UK is officially now the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The UK formally signed the accession treaty last year. Officials hope membership will boost Britain's flagging economy by as much as £2 billion a year.
The UK’s accession is estimated to benefit all UK nations and regions in the long run, relative to 2019 values, with boosts of £240 million for Scotland, £110 million for Wales, and £70 million for Northern Ireland.
According to government figures, the value of UK total trade in the 12 months to the end of September was £1.7 trillion.
"Agreements like this boost trade and create opportunities for UK companies abroad. This is a proven way to support jobs, raise wages, and drive investment across the country which is key to this government’s mission to deliver economic growth," business and trade secretary Jonathan Reynolds said.
The alliance comprises fellow G7 members Canada and Japan, plus long-standing allies Australia and New Zealand, alongside Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.
Created in 2018, it has been seen as a bulwark against Chinese dominance in the region, although Beijing has applied to join.
The bloc, which accounts for about 15 per cent of global gross domestic product (GDP), will give British businesses trade access to a market of more than 500 million people, with the financial services, manufacturing and food and drink sectors in particular set to benefit.
"At a time of increasing barriers to trade globally, the UK’s accession to the CPTPP is welcome news for Chivas Brothers Scotch whisky business. Improved access to markets in dynamic regions like South East Asia and Latin America in a trading bloc which covers almost a fifth of the total value of Scotch whisky exports should help boost our £1bn annual exports," Jean-Etienne Gourgues, chairman and chief executive of Chivas Brothers, said.
The government said prices on consumer goods could also fall if savings are passed on by importers, with tariffs removed on items like fruit juices from Peru and vacuum cleaners from Malaysia.
The previous Conservative government signed Britain up in July 2023, with then business and trade secretary Kemi Badenoch calling it "the biggest trade deal" since the UK left the European Union.
Britain has secured a number of post-Brexit trade deals, including with Australia, New Zealand and Singapore since it left the EU's single market at the start of 2021.
It is also pursuing one with Gulf countries, and last month Labour prime minister Keir Starmer announced that Britain and India are to resume stalled talks to agree a free trade deal.
A much sought-after trade deal with the US remains elusive and could become even less likely when Donald Trump enters the White House in January.
A deal with Canada has also failed to materialise.
