11/04/2023
Backed by support from Japan, the UK has signed an agreement to become the first European member of the Comprehensive and Progressive Trans Pacific Partnership (CPTPP), the international trade bloc that will now collectively represent countries with a combined £11 trillion in GDP.
As reported by the UK government here, membership of the CPTPP is expected to provide the UK with a number of key benefits, such as improved access to overseas markets, and reduced tariffs on imports and exports. The agreement is also expected to reduce trade related legislation between member states, and to further strengthen IP rights between the UK and existing CPTPP members. Improved provisions for data exchange are also expected to benefit the digital economy, in which both the UK and Japan are world leaders.
Japan and the UK now make up the two single largest economies in the CPTPP. The agreement goes beyond the two economies’ existing free trade agreement and further enhances the strong relationship between the two countries. In addition, the 2021 patent filing statistics published by WIPO indicated that Japan was the third highest filer of UK patent applications, accounting for 11.6% of all patent applications filed at the UKIPO which originated from countries outside of the UK. Therefore, this agreement could see an increase in the number of UK patent filings that originate from Japan.
Membership of the CPTPP allows the UK better access to the Indo-Pacific region, an area which includes 60% of the world’s population and is set to account for 54% of global economic growth in the decades ahead. Present members of the CPTPP include Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan. Additionally, the CPTPP is expected to expand to include 15 sovereign countries in the near future.
Intellectual property rights holders will be pleased to hear that membership of the CPTPP does not impact the UK’s relationship with the European Patent Office (EPO), or the UK’s involvement with the new European Unified Patent Court (UPC). In this respect, UK based European Patent Attorneys are able to represent clients at both the EPO and the UPC. The Unified UPC will open its doors on 1st June 2023, representing the biggest change to European patent law practice in more than 40 years.
For insight on the UPC and what it means for your European patent filing strategies, please visit our website or contact us for more information.
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This article is for general information only. Its content is not a statement of the law on any subject and does not constitute advice. Please contact Reddie & Grose LLP for advice before taking any action in reliance on it.
