, considered the most ambitious trade deal globally and of which Peru is a part.
This protocol —which was signed on July 16, 2023— will allow the United Kingdom to become the first economy to join the 11 countries that are part of the CPTPP, in addition to Peru, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, and Vietnam.
"The negotiation of the accession protocol took approximately two years and was led by Mincetur. This protocol consolidates the actions that the Government has been promoting to continue connecting Peruvian companies with the opportunities offered by international markets," Minister Galdo explained.
"On this occasion, we continue strengthening and expanding our relationship with the United Kingdom, an important trading partner for our country," she added.
In turn,
British Ambassador to Peru, Gavin Cook, said that his country
"was expecting the ratification of the sixth CPTPP member so that this agreement can enter into force by the end of this year.”
"We are very pleased that Peru was the member that finally helped achieve this milestone. We will now see how trade between the United Kingdom and Peru continues to increase. The CPTPP is a modern, very ambitious agreement that will open doors to generate trade with value chains with all its members," he noted in Spanish-language remarks.
Once this protocol enters into force, the UK will become the first economy to join the CPTPP, materializing the bloc's connection with Europe.
With the United Kingdom as a member, the CPTPP will have a combined GDP of €12 trillion or US$15.7 trillion, and will account for 15% of global GDP.
"This protocol is important not only because of what the United Kingdom represents, but because it confirms that the CPTPP is a living agreement, which can continue growing and creating more and more opportunities for Peruvian exports of goods and services," Minister Galdo underlined.
"It is a privilege that Peru is part of this agreement and it is Mincetur's commitment to ensure that Peru continues to have an active participation," she added.
Boosting trade
Thanks to the CPTPP, the United Kingdom will immediately eliminate tariffs on 94% of products exported from Peru.
Thus, other benefits have been achieved beyond those established in the bilateral agreement for the following products: starches, lactose, fructose, orange juice, meat and edible poultry by-products, concentrated milk, yogurt, butter, cheese, garlic, mushrooms, corn, rice, cocoa powder with added sugar, artichokes, fresh or frozen oranges, and tangerines.
Opportunities for bilateral trade in services are also expanded, by creating more opportunities for Peruvian and British companies to export their services in sectors such as architecture, engineering, financial services, construction, IT and software services, business consulting services, tourism, call centers, distribution and franchising; additionally, support is provided for the movement of Peruvian businesspeople seeking to enter the United Kingdom, or vice versa.
Peru must notify New Zealand, the Treaty Depository, that it has completed its internal legal procedures.
Following that, the United Kingdom's accession protocol will enter into effect 60 days after a 15-month period from the date of the protocol signing (July 2023). Therefore, it could enter into force by the end of 2024.