The Peruvian government hopes to ratify the Asia-Pacific agreement to reduce trade barriers in this region before the end of the year, without requiring the approval of Congress, said Minister of Foreign Trade and Tourism, Rogers Valencia, to Gestión.
“The Trans-Pacific Partnership Comprehensive and Progressive Treaty (CPTPP), which represents almost 13% of the world economy, was signed in March by Australia, Brunei, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam”, the aforementioned media explained.
Valencia added that after the government ministries analyze the text of the CPTPP it will not need to go through congress for its approval “because by not changing existing agreements, normative laws, it can pass by supreme decree,” he said.
“The objective is that it be (ratified the agreement) before the end of the year, in 2018,” Valencia added.
For the TPP-11 to enter into force, it is required that the agreement is ratified internally by six out of 11 signatory countries. To date, only Mexico, Japan and Singapore have completed the necessary processes for the entry into force of the agreement.