The Minister of Foreign Trade and Tourism (Mincetur) Magali Silva said the Peruvian market will be one of the most favored among those participating in the Trans-Pacific Partnership Agreement (TPP), as it will allow the country to partner with leading nations worldwide.
Peru will join a huge market consisting of eleven other economies whose combined purchasing power totals US$5.2 billion.
Peru sales to these eleven economies currently account for just 0.25% of everything they buy, so the room for expansion is vast.
"Furthermore, the incorporation of our market to the TPP bloc will allow us to position ourselves in the highest commercial standard and maximize our business opportunities," the minister said.
Priority Partners
Silva stressed that "TPP members are priority partners for Peru."
"The United States is a leading world power and one of the greatest technological innovators, while Canada is one of the most educated nations in the world with a dynamic immigration policy. Mexico and Chile are also key partners of Peru in the Pacific Alliance," she noted.
The government official also noted the importance of TPP partners outside the Americas.
Australia and New Zealand are also first-world nations, too, and the only ones located in the southern hemisphere. Singapore, Malaysia, Vietnam and Brunei are dynamic Southeast Asian economies that have seen rapid progress in recent decades, from which we can learn a lot.
These economies have economic cycles linked with those of China and India, which lead the growth of emerging countries.
"Finally, Japan, which is already one of Peru’s major trading partners, is one of the traditional economic and technological powers of the world," Mincetur’s head said.
Overall, TTP economies account for 37% of the gross domestic product and generate 25% of exports and 27% of imports from around the world.
In 2014, TPP countries accounted for one third of the trade between Peru and the whole world, amounting to US$80.7 billion.
"While Peru's exports to the United States, Canada, Japan and Chile account for 92% of exports to TPP countries, our exports to Mexico, Australia, Vietnam, Singapore, New Zealand, Malaysia and Brunei might increase strongly and soon,” she stated.
"Our country has the privilege of participating in an elite trade group that opens great opportunities for our goods and services thanks to the preferential access forged by our team of negotiators," she said.
The agreement has been negotiated between twelve countries spanning three continents: Australia, Brunei, Canada, Chile, United States, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. They are all members of the Asia-Pacific Economic Cooperation (APEC) forum.
(END) JJN/JJN/RMB/MVB
Published: 7/21/2015