New opportunities for Vietnamese goods exported to Peru

Thursday, 22/07/2021 14:54
Peru has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that is expected to offer opportunities for Vietnam to promote exports to the market, said the Ministry of Industry and Trade’s Office on July 20.

Garments and textiles among Vietnam’s major exports to Peru. (Photo: baodautu.vn)

“Peru’s official approval of the CPTPP is a basis to promote bilateral turnover between Vietnam and Peru, providing an opportunity to open the market for Vietnamese exports to Peru in the near future,” said the Ministry of Industry and Trade.

According to the Vietnamese Ministry of Industry and Trade, Peru has joined most international and regional institutions such as the WTO, the Asia-Pacific Economic Cooperation (APEC), the Pacific Alliance (PA) and the Southern Common Market (MERCOSUR), and signed 27 free trade agreements with 55 countries.

Bilateral trade relations between Vietnam and Peru have developed strongly in recent years. Before the COVID-19 epidemic, two-way trade turnover increased by 48.3% in 5 years, from 284.96 million USD in 2014 to 422.73 million USD in 2019.

In 2020, due to the impact of COVID-19, bilateral trade turnover decreased by 7.5% to 391.17 million USD. However, the bilateral trade grew strongly in the first half of this year to reach 278.27 million USD, up 78.7% year on year. Vietnam’s exports to Peru were valued at 242.49 million USD, up 103.6 %.

The CPTPP officially coming into effect promises to create a new impetus for the two countries’ trade relations. Peru commits to eliminate 81% of tariff lines as soon as the agreement comes into effect, equivalent to 62% of import turnover from Vietnam, and will eliminate tariffs on 99.4% of tariff lines by the 17th year.

Vietnam’s major exports to Peru include phones and electronic components, computers and electronics, footwear, clinker and cement, garments-textiles and aquatic products. Meanwhile, Peru ships fish powder, antimony and minerals to the Southeast Asian nation./.

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