The Malaysian government has ratified a trade agreement with Peru that will boost the Andean country’s exports to Asia, according to Peruvian Foreign Trade Minister Roberto Sánchez.
“The ratification of Malaysia’s Comprehensive and Progressive Agreement for the Trans-Pacific Partnership [CPTPP] is very important for Peru, as this is equivalent to a new free trade agreement since we have no previous agreement with this country.”
“Our exports will be able to enter this country duty-free from now on,” Sánchez said in a statement.
It was pointed out that the CPTPP will allow for faster processing for almost 90% of Peru’s products exports to the Asian country.
It was also announced that the contract would enter into force on November 29 this year.
In 2021, Peruvian exports to Malaysia reached US$100 million, of which US$25 million were non-traditional (value-added) products.