Export of agricultural products from Vietnam to Peru enjoys 0% tax

Published 2021년 7월 21일

Tridge summary

The Peruvian National Assembly has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), making Peru the 8th member country to ratify the agreement. The CPTPP is expected to enhance trade relations between Peru and Vietnam, with Peru committing to eliminate 81% of tariff lines immediately. Vietnamese businesses can now export products such as wooden furniture, agricultural products, textiles, apparel, footwear, aquatic products, consumer goods, rubber, electronic equipment, and building materials to Peru with a competitive advantage. Despite the decrease in bilateral trade turnover in 2020 due to the COVID-19 pandemic, trade relations between Vietnam and Peru have seen strong growth in 2021.

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Original content

On July 14, the Peruvian National Assembly officially voted to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after more than three years, the European-American Market Department (Ministry of Industry and Trade) said. since the Agreement was signed in March 2018. Accordingly, making Peru become the 8th member country to ratify the CPTPP. The Agreement will officially enter into force for Peru 60 days after this country completes notification of the ratification of the Agreement with the Depositary State (New Zealand). The CPTPP Agreement officially came into effect, promising to create a new impetus for the two countries' trade relations. Peru commits to eliminate 81% of tariff lines as soon as the Agreement comes into effect, equivalent to 62% of import turnover from Vietnam and will eliminate tariffs on 99.4% of tariff lines in the 17th year. CPTPP marks the first time that the two countries have an FTA relationship, according to which ...

Source: Vietnambiz