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CPTPP comes into force for Peru

15/10/2021    21

The Ministry of Foreign Trade and Tourism (Mincetur) has reported that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) —the most important free trade agreement in the world— has entered into force for Peru.

Thus, the South American nation becomes the eighth economy where the agreement comes into effect, which marks a milestone for the country's foreign trade.

As is known, the CPTPP brings together 11 economies: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam, and Peru.

Together, they account for 13% of world's GDP and 15% of global trade.

"The CPTPP's entry into force is an opportunity for our exporters, mainly for micro, small and medium-sized enterprises (MSMEs), whose products will enjoy tariff-free access to a potential market of 500 million consumers," Foreign Trade and Tourism Minister Roberto Sanchez pointed out.

Boost of exports

Trade agreements are essential for the growth and development of national exports, which result in a higher boost of Peruvian sales to the world, generating higher revenues and more jobs in the nation.

In this sense, the CPTPP provides greater benefits for non-traditional exports with added value.

More benefits

The CPTPP features chapters on access to markets, e-commerce, investment, customs, health measures, and technical obstacles to trade. Likewise, it is a modern agreement aimed at providing sustainable growth for its members.

As is known, Peru signed the CPTPP on March 8th, 2018, in Santiago de Chile, and it was ratified by the Congress of the Republic on July 14th this year.

Source: Andina