Peru's Ministry of Foreign Trade and Tourism (MINCETUR) organized a seminar recently to outline the benefits of the Trans-Pacific Partnership (TPP) for small- and medium-sized enterprises (SMEs).

At the seminar, it was noted that the TPP will open up a market of 805 million consumers to Peruvian companies. The agreement is currently being negotiated between countries representing 40 percent of the global economy – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam.

Representatives of Peruvian SMEs were told that tariff preferences under the TPP will in particular allow Peru to expand its exports to Australia, Brunei, Malaysia, New Zealand, and Vietnam. These markets import USD4bn worth of goods from the agribusiness, textiles, and fishing sectors each year, but Peru's exports to the five countries account for just USD36m.

Peru's Deputy Minister of Foreign Trade, Edgar Vásquez Vela, noted that the TPP will enable SMEs to more cheaply procure production inputs from any of the 12 participating countries, thereby increasing their competitiveness.

The TPP negotiators failed to conclude the trade treaty at a meeting on July 31.

Source: Tax News

• Is Vietnam a Market Economy? U.S. Considers Status Upgrade
• Vietnam should seize opportunity to join global semiconductor supply chain
• Green economy, digital economy breakthrough of Vietnam-China ties: PM
• ASEAN steel industry needs support for decarbonization
• The fruit and vegetable industry has plenty of room for export in the five largest markets