Peru: TPP countries take step forward on trade deal

08:00 | Da Nang (Viet Nam), Nov. 12.

Peru's Foreign Trade and Tourism Minister Eduardo Ferreyros announced that Pacific Ring countries have agreed to continue the "Comprehensive and Progressive Agreement for Trans-Pacific Partnership."

"We have taken an important step towards achieving a trade agreement," said the minister, who explained the deal proves essential to consolidate Peru's presence in the Asia-Pacific.

"This agreement will become the most important trade integration initiative on a global basis," he added.

Remarks were made in Da Nang city after an intensive agenda of meetings with his peers from Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore and Viet Nam.

According to Ferreyros, ministers of the 11 countries have agreed on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, thus building on the elements already contained in the TPP.

"Talks are going to continue. We need to fix a few issues, but the 11 countries have committed to do so before the agreement signing," he affirmed.

He emphasized that an eventual deal with the other 10 countries —which make up 13% of the global GDP— will give us preferential access to a market with high purchasing power, of 463 million people and with a GDP per capita of about US$22,000 (twice the world's GDP per capita, in 2016).

As is known, trade ministers from the 11 TPP countries agreed to explore options for continuing with the deal despite U.S. President Donald Trump's decision to ditch it.


Published: 11/12/2017