New market opens for Peruvian exports as Malaysia ratifies CPTPP

New market opens for Peruvian exports as Malaysia ratifies CPTPP

LIMA, Oct 8 (NNN-ANDINA) — Peru’s Foreign Trade-Tourism Minister Roberto Sanchez announced that Malaysia has completed domestic procedures for the ratification of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP).

According to Sanchez, thanks to this, the CPTPP will enter into force for Malaysia on Nov 29, 2022, thus opening a new market for Peruvian exports.

“The ratification of the CPTPP by Malaysia is very important for Peru. It is like signing a new FTA, considering that Peru does not have a prior agreement with said country. Our exports can be shipped to Malaysia without tariffs immediately,” Sanchez stated.

In this regard, the Cabinet member explained that with the ratification of the CPTPP about 90% of products will be allowed to enter Malaysia without tariffs immediately, which creates a number of opportunities for Peruvian companies.

“This is very important to continue strengthening Peru’s presence in the Asia-Pacific region, particularly in Southeast Asia, where we still have many opportunities to take advantage of,” he remarked.

As is known, one of Peru’s major strengths is its comprehensive integration into the world, thanks to the trade agreements it has signed throughout the years, which has helped create jobs and economic growth in all its regions.

According to the minister, Peru is open to trade and foreign investment and this is the commitment of the Government led by President Pedro Castillo.

“We continue to work hard in the search for new markets and towards the strengthening of bilateral relations with our commercial partners,” he said.

In 2021, Peruvian exports to Malaysia amounted to US$100 million, while non-traditional exports totaled around US$25 million. These figures will see a rise with the implementation of the CPTPP, thereby boosting the Peruvian economy and creating more jobs.

Thus, Malaysia becomes the ninth economy that manages to comply with domestic procedures for the ratification of this trade agreement.

Currently, the CPTPP is in force for Peru, Australia, Canada, Japan, Mexico, New Zealand, Singapore, and Vietnam. The ratification of this agreement is only pending for Brunei Darussalam and Chile.

— NNN-ANDINA

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