Future Looking Bright for Pavegen as the UK joins CPTPP Opening Up Doors of Opportunity.
I am thrilled to share with you some exciting news about Pavegen's future prospects. As you may have heard, the UK has recently joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which spans 11 countries in the Indo-Pacific region, opening up new doors of opportunities for Pavegen's innovative kinetic energy floors.
Pavegen to Get Unparalleled Access to Pacific Markets
This is a significant milestone for our company, as it provides unparalleled access to Pacific markets with an increasing demand for sustainable and high-quality UK products and services. With Pavegen's innovative energy solutions, we can help drive the country's economic growth to new heights while also contributing to global sustainability efforts.
In addition, Pavegen's recent project at Taylor's University, Malaysia's top private university, is a testament to our commitment to sustainability education and innovation. The installation of Pavegen's kinetic energy floor system, which helps power LED lights through footsteps, is just one example of how our technology can be used to create real-world solutions.
Prospects for pavegen in Malaysia Already Looking Strong
In addition, the UK's decision to join the CPTPP means that the country will have a trade deal with Malaysia for the first time, opening up access to an economy worth £271 billion in GDP in 2021. This move is expected to support jobs across key sectors in the UK and could boost the country's services exports to Malaysia. Pavegen is ready to take on this new opportunity and work with the UK government and partners to make the most of it.
joining cptpp is Game Changing for Pavegen
The UK joining the CPTPP is a game-changer for Pavegen and the wider business community. It provides unparalleled access to Pacific markets with an increasing demand for sustainable and high-quality UK products and services. With Pavegen's innovative solutions for citizen engagement and consumer brand experiences in sustainable cities, buildings, public spaces and at live events, we can help the UK grow its economy and create more jobs across the country.
With more than 99 percent of UK goods exports to CPTPP countries eligible for zero tariffs, Pavegen's kinetic energy floors will have an easier time reaching new markets and expanding their global footprint. The UK's accession to the CPTPP is projected to boost the UK economy by £1.8 billion in the long run, with wages forecast to rise by £800 million compared to 2019 levels.
CPTPP Economies Set to Expand
As negotiations to join the CPTPP continue from economies including Costa Rica, Ecuador, and Uruguay, with others such as Thailand, the Philippines, and South Korea expressing their interest in joining, the combined GDP of the agreement is expected to increase to just over £13 trillion. This presents an exciting opportunity for Pavegen to expand its global footprint and create real-world solutions that help us meet the sustainability challenges we face.
As a global exporter, Pavegen has been navigating trade restrictions and red tape for many years. Joining the CPTPP marks a significant milestone for our business, and we are thrilled to be part of this dynamic group of economies. We look forward to working with the government and our partners to super-charge this opportunity and make our contribution to drive jobs and growth across the UK
Thank you for your continued support, and we look forward to sharing more updates with you in the future.
Laurence Kemball-Cook, CEO and Founder of Pavegen