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TIPAT: Peru avoids tariffs with Vietnam and New Zealand, but not with Brunei and Malaysia

With its entry into force of the Comprehensive and Progressive Treaty of Trans-Pacific Partnership (CPTPP), Peru managed to avoid tariffs with Vietnam and New Zealand, but not with Brunei and Malaysia.

After the Peruvian Congress ratified the TIPAT on July 14, 2021, this agreement entered into full force for that nation on September 19, 2021.

Through the TIPAT, Peruvian products managed to enter four additional countries duty-free without prior bilateral trade agreements: New Zealand and Vietnam (Peruvian exports can enter immediately) and Brunei and Malaysia (products can enter once they ratify the agreement. ).

In addition, according to data from the Peruvian government, the agreement expanded the type and quantity of products that can enter free of tariffs to some countries with which Peru already had bilateral free trade agreements (for example, Japan: 88.0% of products before the Agreement to 98.0% after the Treaty).

TIPAT

The members of this trade agreement are located on three continents and together represent 13% of world GDP and 15% of world trade.

On February 4, 2016, ministers from the 12 TIPAT member nations attended a signing ceremony in Auckland, New Zealand.

Then, regarding Peruvian trade policy, on April 29, 2016, Peru and Brazil signed the Trade and Economic Development Agreement.

Likewise, on January 1, 2017, Peru and Honduras began the process of formal approval of the free trade agreement signed by the two sovereigns in May 2015. And in March 2017, a delegation from Peru held a technical meeting in New Delhi , India to agree on the terms of reference for the negotiation of a trade agreement between Peru and India.

The CPTPP was signed in Santiago de Chile on March 8, 2018.

Until now, the TIPAT has been in force for six members since December 30, 2018 (Australia, Canada, Japan, Mexico, New Zealand and Singapore), while for Vietnam its validity began from January 14, 2019 and for Peru, on September 19, 2021. The remaining three members (Brunei, Chile and Malaysia) have not yet ratified the agreement.

 

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