Exports given boost as Peru approves CPTPP

Peru has recently approved the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), under which the country commits to eliminating 81 per cent of tariff lines once the agreement takes effect, equivalent to 62 per cent of import turnover from Vietnam, and eliminating 99.4 per cent of tariff lines within 17 years. After the effective date, goods exported to Peru with a tariff of 0 per cent will include outdoor furniture, agricultural products such as cashew nuts, tea, pepper, vegetables, and certain types of coffee, among others. Rates on textiles, garments and footwear will be cut to 0 per cent in the 16th year under a roadmap. Key export items include phones and electronic components, computers and electronic products, footwear, clinker and cement, textiles, and fisheries.