Peru ratifies protocol for UK's accession to CPTPP

26 Aug '24

1 min read

Peru ratifies protocol for UK's accession to CPTPP

Pic: Adobe Stock

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Peru has ratified the accession protocol of the UK to the CPTPP trade partnership, the former's ministry of foreign affairs announced.
The protocol, signed on July 16, 2023, will allow the UK to become the first economy to join the 11 CPTPP members.
Once implemented, the UK will immediately eliminate tariffs on 94 per cent of products exported from Peru.

Peru has ratified the accession protocol of the United Kingdom to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the former’s ministry of foreign affairs recently announced on microblogging platform X.

The protocol, signed on July 16, 2023, will allow the United Kingdom to become the first economy to join the 11 CPTPP member countries: Peru, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore and Vietnam.

With the United Kingdom as a member, CPTPP will have a combined GDP of €12 trillion, or $15.7 trillion, and will account for 15 per cent of global gross domestic product.

Although Peru already has a bilateral trade agreement with the United Kingdom, the CPTPP will create more favorable conditions for trade in goods and services, the temporary movement of businesspeople and electronic commerce.

British ambassador to Peru Gavin Cook said his country "was expecting the ratification of the sixth CPTPP member so that this agreement can enter into force by the end of this year.”

Once the agreement enters into force, the United Kingdom will immediately eliminate tariffs on 94 per cent of products exported from Peru.

Fibre2Fashion News Desk (DS)

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