The British International Freight Association (BIFA) has given a cautious welcome to the conclusion of the Trans-Pacific Partnership (TPP) agreement.

Last week, the US, Japan, Mexico, Canada, Australia, Singapore and six other Pacific rim countries reached an agreement on the regional free-trade agreement that will cover approximately 40 per cent of the global marketplace.

The agreement includes a series of member agreements to lower tariffs, modernise their customs border clearance and ensure a level playing field for competition.

BIFA director general, Robert Keen, says: “Whilst the TPP still has to be approved by the US Senate and ratified by governments from all 12 nations, it is generally believed that the agreement will substantially accelerate the flow of goods through supply chains in a region with the world’s fastest growing economies.

“Lowering tariffs and streamlining customs clearance operations at international borders are important to facilitating international trade, in which BIFA members have a key role.

“As freight forwarders, our members recognise that liberalised trade agreements are critical to business both large and small that seek to expand their markets.”