CPTPP may soon add a new member, a Latin American country

Costa Rica's Ministry of Foreign Trade announced on January 10 that the country has received an invitation to join the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP).

Costa Rica announced that it has received an invitation to join the CPTPP accession process. (Source: Investment Newspaper)

A press release on January 10 from the Costa Rican Ministry of Foreign Trade said that becoming a member of the CPTPP will open up opportunities for the country to access new markets with many preferential conditions, including countries with which Costa Rica does not have free trade agreements such as Japan, Australia, Malaysia, New Zealand, Brunei Darussalam and Vietnam.

In a statement, Costa Rican Foreign Trade Minister Manuel Tovar said that joining the CPTPP also helps the country update trade regulations for countries with which Costa Rica has signed free trade agreements, including Canada, Chile, Mexico, Peru, the United Kingdom and Singapore.

Affirming that joining the CPTPP is an important milestone in Costa Rica's process of world economic integration, Minister Manuel Tovar emphasized that over the years, this Latin American country has fully and seriously implemented its international trade commitments.

Previously, in August 2022, Costa Rica officially submitted a request to join the CPTPP and since then, the Costa Rican Ministry of Foreign Trade has held more than 100 high-level meetings with members of this new generation free trade bloc.

CPTPP is a new generation free trade agreement (FTA) comprising 12 countries in the Americas, Europe, Asia and Oceania, with extensive cooperation in areas such as trade facilitation, public procurement, intellectual property, e-commerce and investment. Currently, Latin American countries that are members of CPTPP include Chile, Mexico and Peru.

Source: https://baoquocte.vn/cptpp-co-the-sap-them-thanh-vien-moi-la-mot-quoc-gia-my-latinh-300472.html