At said event, they announced the substantial conclusion of the aforementioned negotiations.
"This accession process is extremely important since, if consolidated, it would be the first economy to join the CPTPP after the initial subscription. This would increase, even more, trade opportunities among its members," the
sector's head highlighted.
The CPTPP —one of the most comprehensive and ambitious agreements— is made up of 11 Asia-Pacific region economies: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam, and Peru. Together,
these account for 15% of international trade, 13% of world's GDP, and a market of 500 million consumers.
With the United Kingdom's accession, better access conditions will be obtained for Peruvian exports of goods and services, as well as for the temporary movement of Peruvian businesspeople and for e-commerce.
Likewise, with the cumulation of origin, Peruvian companies will be allowed to export and use inputs from other member countries, relying on more supply opportunities.
At said event,
they agreed to continue working to make the most of the bilateral agreement, as well as to disseminate new benefits and opportunities that will be brought by the CPTPP —once it is signed.
UK accession process
In February 2021, the
United Kingdom submitted its formal application to join the CPTPP.
In June of the same year, the CPTPP Commission approved to start the accession process, establishing a Working Group in charge of conducting said process.
To date, this group has held 5 meetings, the most recent being the round in Phu Quoc, Vietnam, in March 2023.
After the joint announcement, the final stage of the process begins, which includes formalizing the legal instrument that contains the terms and conditions for the UK's accession to the CPTPP. This legal instrument will be public following its signature.
Peruvian exports to the United Kingdom amounted to US$2.037 billion in 2022. Within this framework, 20% are shipments of non-traditional products.
Similarly, the UK stands out as the fourth-largest destination for Peruvian agro-exports —after the United States, the European Union, and Ecuador.