On July 14 Peruvian Congress approved the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement involving 11 countries in the Americas, Asia and Oceania. The objective of the agreement is to contribute to economic growth and create new opportunities for companies, workers and consumers. The Executive Branch must now notify international bodies of the ratification of the agreement so that it can begin to be applied in Peru.
The treaty includes specific chapters on national treatment and market access; rules of origin; trade defense; sanitary and phytosanitary measures; cross-border trade in services; financial services; telecommunications; e-commerce; competition; intellectual property; labor issues; environment; development; and transparency and anti-corruption.
The CPTPP is made up of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam and Peru. It was signed in March 2018 in Chile. The Peruvian Ministries of Foreign Affairs and International Trade praised the approval of the treaty by Congress.