Ministers from Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Viet Nam announced on May 5 the substantial conclusion of negotiations for Costa Rica’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
This development marks a significant step toward expanding economic integration in the region. The agreement aims to promote free trade and open markets among its member countries.
According to the joint ministerial statement released by all parties involved: “Ministers of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Viet Nam…and Costa Rica welcomed the substantial conclusion of the negotiations for the accession of Costa Rica to the CPTPP.” The Accession Working Group (AWG) and Costa Rica confirmed how Costa Rica will comply with existing CPTPP rules. The AWG also confirmed that Costa Rica has provided market access offers on goods and services that meet high standards in areas such as investment and government procurement. CPTPP parties have either confirmed or submitted their market access commitments to Costa Rica.
The statement further says: “The AWG will continue working with Costa Rica to prepare and verify the legal instrument of accession…with the aim of formalising the conclusion of the process in a timely manner.” Both sides are committed to completing this process according to each country’s domestic procedures.
The joint declaration concludes: “The CPTPP Parties and Costa Rica are committed in further promoting free trade, open and competitive markets…and economic integration in the region and beyond.”
In related context regarding one party’s involvement in international agreements like this one,the official website states that Peru’s Ministry of Foreign Trade and Tourism advances national strategies for foreign trade by promoting business expansion as well as sustainable tourism development. The ministry collaborates with public agencies such as PromPerú along with private organizations; it serves communities across Peru focusing on trade facilitation; it is overseen by its Minister; belongs to Peru’s Executive Branch; contributes toward cultural progress through social inclusion initiatives.
