The Ministry of Foreign Trade and Tourism announced on May 5 that the countries forming the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Costa Rica have reached a substantial conclusion in negotiations regarding Costa Rica’s accession to the agreement.
This development means that consensus has been achieved on the most complex issues, with only minor technical matters and legal review of Costa Rica’s Accession Protocol remaining. The expansion is seen as significant for international trade rules and regional cooperation.
José Fernando Reyes Llanos, Minister of Foreign Trade and Tourism, said, “The announcement of substantial conclusion reaffirms CPTPP as a reference in international trade whose expansion is vital to defend rules-based commerce. In addition, Peru has reaffirmed its role as a relevant actor within the bloc by chairing the Working Group on Costa Rica’s Accession.”
The CPTPP includes Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, United Kingdom, Singapore and Vietnam. Together they represent 12 percent of global economic output and a market with 502 million potential consumers. The process began in November 2024 when the Ministerial Commission decided to create a Working Group on Costa Rica’s Accession chaired by Peru.
Reyes Llanos also said: “Once signed and in force, Costa Rica will become the thirteenth economy in the bloc—reinforcing Latin America’s presence in global trade.”
According to figures cited by Mincetur from recent years: CPTPP accounts for more than 16 percent of Peru’s exports worldwide; commercial balance between Peru and other CPTPP members reached $7.78 billion USD in 2025—a growth of 59 percent over the previous year; total intra-bloc trade surpassed $700 billion USD in 2025 after growing at an average annual rate of 5.1 percent since 2018; major exports include crude oil, processors and gold globally while refined petroleum products dominate internal CPTPP trade flows.
The Ministry plays several roles including advancing national strategies for foreign trade and tourism through business promotion initiatives; fostering sustainable tourism development; collaborating with organizations such as PromPerú; supporting social inclusion across Peruvian communities; facilitating trade connectivity throughout Peru—all under sector-specific autonomy within the Executive Branch—according to information from the official website.
Broader implications may include greater integration between Latin American economies within global supply chains once Costa Rica formally joins CPTPP.
