CPTPP will allow diversifying Peru's exportable offer in the United Kingdom

Published Sep 17, 2024

Tridge summary

The United Kingdom's inclusion in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), set to take effect on December 15, is set to bolster Peruvian export diversification, particularly in key sectors such as agribusiness, technology, and gourmet products. The partnership will enable Peruvian companies to leverage mechanisms like self-certification of origin and tariff-free use of inputs from other CPTPP countries. The UK is currently Peru's 12th largest export market and 23rd largest import market. The article underscores the potential benefits for Peru in terms of trade, employment, and economic growth, despite challenges such as low export participation and high MSME dropout rates. The article also points out the growing importance of agribusiness in Peru's trade with the UK, with a notable increase in value-added shipments between January and July 2024.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The incorporation of the United Kingdom into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – which will enter into force on December 15 – will allow the diversification of the Peruvian export offer in that market, said the director of the Center for Research on Global Economy and Business of the CIEN-ADEX Exporters Association, Edgar Vásquez Vela. During the event ‘British Trade, Technology and Digital Innovation in Peru’, organized by the embassy of the European country, he indicated that, by facilitating trade and investments, additional opportunities will be created for national companies, especially in key sectors such as agribusiness, technology and gourmet products. After highlighting that, with support and an adequate strategy, Peru will have the opportunity to strengthen its presence in the competitive British market, he specified that the CPTPP includes mechanisms such as self-certification of origin and accumulation of origin, with ...

Source: AgroPeru