Lima, August 23 (EFE).- Peru has become the sixth member of the Comprehensive and Progressive Treaty for Trans-Pacific Partnership (CPTPP) to ratify the United Kingdom’s accession protocol, which will allow it to enter into force at the end of 2019. This year, as highlighted on Friday by the Ministry of Foreign Trade and Tourism of Peru.
Negotiations on the accession protocol took nearly two years, and it was signed on 16 July last year to allow the UK to join the 11 members of the CPTPP: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
“This protocol reinforces the actions encouraged by the government to continue connecting Peruvian companies to the opportunities offered by international markets,” commented Minister of Foreign Trade and Tourism Elizabeth Galdo.
In this sense, he stressed that the United Kingdom is an important trading partner with Peru.
In turn, the UK Ambassador to Peru, Gavin Cook, announced that his country is waiting for the sixth member to ratify the Trans-Pacific Partnership Agreement so that this agreement can enter into force at the end of this year.
“We are very pleased that Peru was the member that finally helped achieve this milestone. We will now see how trade between the UK and Peru continues to increase,” he said.
He added that the Trans-Pacific Partnership Agreement is “a very modern and ambitious agreement that will open the doors to generating trade with value chains with all its members.”
Once the protocol enters into force, the UK will become the first economy to join the TPP, embodying the bloc’s link to Europe, and the treaty will bring a combined GDP of $15.7 trillion, equivalent to 15% of global GDP, the Peruvian ministry said.
In the CPTPP, the UK will immediately eliminate tariffs on 94% of products exported by Peru, increasing the benefits already identified in the bilateral agreement on products such as starches, lactose, fructose, orange juice, meat and edible offal from poultry and others.
Peru must notify New Zealand, the depositary state of the treaty, that it has completed its internal legal procedures, and the document will enter into force 60 days later, 15 months after the date of signing the protocol, making it effective at the end of this year. EFE
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