Peru will put into effect the Comprehensive and Progressive Treaty of Trans-Pacific Partnership (CPTPP) as of September 19, 2021.

On December 30, 2018, the CPTPP entered into force among the first six countries to ratify the agreement: Canada, Australia, Japan, Mexico, New Zealand and Singapore.

Then, on January 14, 2019, the validity for Vietnam began. It does not yet operate for Brunei Darussalam, Chile, Malaysia and Peru.

The ministers of the 11 member countries of the Treaty (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam) adopted the decision that creates the Committee on Electronic Commerce, with the aim of to promote new and better business opportunities and forms of distribution of products and services in the region.

Likewise, in a virtual meeting held this Tuesday, the ministers congratulated themselves on the conclusion of the internal processes in Peru for the CPTPP to come into force on September 19. And the three members pending ratification of the Treaty (Brunei, Chile and Malaysia) were exhorted to exhaust their internal processes to achieve this objective.

CPTPP

The member countries represent a potential market of more than 500 million people, as well as about 13% of global GDP.

The 11 member countries of CPTPP carry out 14.2% of global imports of goods and services combined, and have 14.05% of the accumulated amount of foreign direct investment (FDI) in the world.