Vietnam and Peru have ratified their first free trade agreement through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with Peru becoming the 8th country to ratify. The agreement is expected to boost bilateral trade and provide Vietnamese exporters with market access. Peruvian import regulations are simpler compared to countries of similar market size, offering a competitive edge. The CPTPP eliminates 95% of tariffs among its 11 member countries, with the process to include Peruvian names expected to begin.