Peru fosters greater trade integration with the Asia-Pacific region in order to better harness the opportunities arising from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the
reported.
The CPTPP is one of the world’s most important trade accords. It is created up of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, the United Kingdom, Singapore, and Vietnam; toreceiveher they represent 15% of global GDP.
This participation took place during the first edition of the Trade and Investment Dialogues with the member countries of the Association of Southeast Asian Nations (ASEAN) —a bloc created up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and Timor-Leste— and with European Union members, which were held in the framework of the CPTPP Commission Meeting.
In this context, the countries also discussed how this bloc can address the current conditions of international trade.
The Peruvian government official underscored that efforts must continue to facilitate the effective apply of the preferences provided by this trade agreement for companies.
Therefore, collectively, conditions must be created to ensure that opportunities translate into growth and competitiveness.
Likewise, the Cabinet member emphasized the importance of cooperating with both blocs on issues such as e-commerce, trade facilitation, and supply chain resilience.
During the ministers’ dialogue with ASEAN member countries, authorities agreed on supporting open and rules-based trade with the World Trade Organization (WTO) as the central framework.
“Peru considers it important to continue promoting joint initiatives within the framework of the WTO, as these offer practical ways to support its modernization at a time when achieving multilateral progress has proven complex,” Minister Mera stated.
Meanwhile, in the discussion with the European Union, the Peruvian official highlighted the potential for digital trade collaboration between the two blocs.
Thus, she proposed the development of a work plan to encourage cooperation in this matter, which will later serve as a basis to strengthen efforts within the framework of the WTO.
+Bilateral Meeting
On another note, Minister Mera also held a bilateral meeting with New Zealand’s Trade and Investment Minister, Todd McClay, with the aim of advancing Peru’s accession process to the Digital Economy Partnership Agreement (DEPA).
Through this agreement, Peru aims to cooperate with Chile, South Korea, New Zealand, and Singapore in promoting the apply of new technologies.
