Andina

Peru part of world's most important trade deal: CPTPP


Suscripción del acuerdo comercial en Chile.

Suscripción del acuerdo comercial en Chile.

17:17 | Santiago (Chile), Mar. 8.

Peru is part of the most ambitious trade agreement in the world: The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Foreign Trade and Tourism Minister Eduardo Ferreyros said Thursday.

The high-ranking official attended the signing ceremony in Chile along with counterparts from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore and Viet Nam.

"The CPTPP is the most important trade agreement in the globe and includes 11 of the most significant and dynamic economies worldwide. Accordingly, Peru is strategically placed within the Asia-Pacific region and essentially integrating into regional and global value chains," he said.

As is known, the CPTPP allows Peru to trade with four new business partners: New Zealand, Brunei, Malaysia, and Viet Nam. In addition to this, the deal improves access to markets with which Peru already has bilateral trade agreements.

The signing provides a framework to promote investment and services trade between Peru and the other participating countries.

Furthermore, restrictions on the temporary entry of Peruvian professionals and technicians into these markets will be eliminated, and mechanisms will be put in place so that SMEs can take advantage of the opportunities presented under this treaty.

Once signed, Ferreyros said, member countries will commence their respective internal implementation and ratification processes.

He also explained the CPTPP will enter into force once ratified by at least six of the 11 countries.

In May 2017, foreign trade ministers of the Trans-Pacific Partnership (TPP) signatory countries agreed to assess the options to reach a new agreement following the United States' withdrawal.

(END) CNA/RMB/MVB

Published: 3/8/2018