Peru's Foreign Trade and Tourism Minister Claudia Cornejo has welcomed the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
by the Congress of the Republic.
By doing so, Peru has taken the important step of putting into effect an agreement that brings together 11 economies in the Asia Pacific region.
"The approval of CPTPP contributes to further integration of Peru into global production networks and global value chains. Its ratification represents an opportunity to continue placing our exports in the Asia-Pacific region," Cornejo said.
The 11 members of CPTPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam, and Peru.
With its entry into force, Peruvian exports will be able to enter —immediately and free of tariffs— New Zealand and Vietnam and —once they ratify it— Brunei and Malaysia, countries with which Peru has no free trade agreement.
affirmed that CPTPP will enable Peruvian exports to enter a highly dynamic and potential market covering around 500 million consumers.
CPTPP members are located in three continents and together account for 13% of the world's GDP and 15% of global trade.
It should be pointed out that, with its ratification by the Congress of the Republic, Peru is closer to putting the agreement into force.
"Following its ratification, we will proceed to notify the Depository that this stage has been fulfilled, and the agreement will enter into force for Peru 60 days after such notification," she remarked.