Accession from great Britain for him Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) will allow further investment and creation Job position in Peru, highlighting His Excellency British Trade Commissioner for Latin America and the Caribbean, Jonathan Knott.

“British accession to CPTPP will lower trade barriers, cut tariffs and improve investor protection. This will bring exciting new opportunities to UK and Peruvian businesses, boosting investment and job creation.”Knott noted.

British Secretary of State for Business and Commerce Kemi Badenoch, the Peruvian Minister of Foreign Trade and Tourism, Juan Carlos Mathewstogether with the member economies of the CPTPP, signed the accession of the United Kingdom to the Trans-Pacific Partnership Comprehensive and Progressive Agreement, considered the most important trade agreement globallyreport Andean Agency.

READ ALSO: The United Kingdom signs its accession to the Trans-Pacific Free Trade Agreement

Related to this, the Minister of Foreign Trade and Tourism Juan Carlos Mathews highlighted this opportunities for UK incorporation into CPTPP, for Peru.

“With the accession of the United Kingdom, Peru will gain better access conditions for Peruvian exports of goods and servicesfor the temporary movement of Peruvian business people and for electronic commerce. In addition, with origin accumulation, Peruvian companies will be allowed to export and use inputs from other member countries, thereby having more supply opportunities.” said Minister Mathews.

“92% of Peruvian exports go to countries with which we have trade agreements. With CPTPP, Peru continues to position itself strategically in the Asia Pacific region, integrating, above all, regional and global value chains”pointed at the head of Mincetur.

READ ALSO: Juan Carlos Mathews: “We are one of the three economies with the most FTAs ​​in Latin America”

main opportunity

The CPTPP will henceforth liberalize trade relations between the UK and Peru, and work to unlock opportunities across a range of sectors to promote sustainable growth and prosperity.

With regard to reduced rates, UK will be removing soonrates up to 93.5% of universal rates; which represents 96.1% of bilateral trade between Peru and the United Kingdom.

In addition, more than 60 tariff lines, incl corn, cracked rice, glucose, syrup sugar and rumwould receive better treatment than in a bilateral agreement with the UK.

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Through CPTPP, tariffs will be eliminated on these lines (some immediately, some in 5 or 10 years), which are subject to quotas in bilateral agreements.

Regarding General Procurement, CPTPP allows accumulation, which is not intended in FTAs between Peru and England. In other words, Peruvian companies can present goods or services originating in any CPTPP country in tenders in the UK, which will be subject to the principle of national treatment.

The same applies to CPTPP countries using Peruvian goods or services in UK tenders.

UK accession to the CPTPP would also help driving opportunities for remotely delivered services from Peru to the UK.

Fact.

CPTPP is a commercial block consisting of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam; which is now attached to Great Britain.

READ ALSO: Procedures started for the entry of Peruvian blueberries to Japan

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