Peru's Foreign Trade and Tourism Minister Eduardo Ferreyros will head to Chile, where he will sign the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Thursday, March 8.
Countries under CPTPP
—a revised version of the Trans-Pacific Partnership (TPP) trade agreement
— include Australia
, Brunei, Canada, Chile, Japan
, Mexico, Malaysia, New Zealand
, Peru, Singapore, and Viet Nam.
In addition to the signing ceremony, Ferreyros will attend a series of high-level bilateral meetings in the Chilean capital of Santiago.
It must be noted Production Minister Lieneke Schol will take over the Foreign Trade and Tourism portfolio while Ferreyros is absent.
CPTPP benefits for Peru
With the new CPTPP
, Peru will enter into trade pacts with countries like New Zealand, Brunei, Viet Nam, and Malaysia.
An agreement among Peru and the 10 countries making up the CPTPP will grant the Andean nation access to a market whose GDP accounts for 13% of the world's total GDP.
Peru will also have preferential access to a market with a high-level purchasing power (amounting to 463 million people), an average GDP per capita of US$22,000 (twice the GDP per capita of the world in 2016).