Andina

Peru: CPTPP ratification process to conclude in March

10:49 | Lima, Mar. 6.

Peruvian Foreign Trade and Tourism Minister Edgar Vasquez on Wednesday affirmed the internal ratification process of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will conclude in March 2019.

Thus, the Inca nation would be the eighth country to bring the accord into force.

In this sense, the official underlined the progress Peru has made concerning trade agreements. 

It should be noted the Peruvian Executive Branch has already ratified the Peru-Australia Free Trade Agreement (FTA), and it is waiting for the counterpart to do the same so the treaty can enter into force.

"Likewise, the negotiations to upgrade the FTA with China start in March. There is also the next business round with India and the upgrade of the agreement with Argentina, within the framework of Mercosur," Minister Vasquez told El Peruano official gazette.

On the other hand, total exports are expected to expand around 10%. Plus, non-traditional shipments might rise 13%. 

Furthermore, he projected textile-garment exports will increase 10% this year. 

The official went on to add the sector is currently in a recovery process. However, it still has not broken previous records. 

(END) DOP/CAN/DTK/MVB

Published: 3/6/2019