Peru’s official ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to help boost trade between Viet Nam and the South American nation.

The Government has promulgated Decree No. 21/2022/ND-CP amending and supplementing a number of articles of Decree No. 57/2019/ND-CP dated June 26, 2019 of the Government on the Preferential Export Tariffs and Special Preferential Import Tariffs for implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during 2019-2022.

Under the renewed decree, goods exported to or imported from Peru from March 10 shall be subject to preferential export tariffs and special preferential import tariffs in accordance with the CPTPP.

Peru is the eighth country to ratify the trade deal which took effect with Peru from September 19, 2021. 

Peru's official ratification of the CPTPP is expected to help boost trade between Viet Nam and the South American nation.

In 2020, the bilateral trade value stood at only US$ 391.17 million due to the impact of the COVID-19 pandemic. However, the figure grew strongly in the first half of 2021 to US$ 278.27 million, up 78.7 percent year-on-year.

Viet Nam'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.