Peru’s Foreign Trade and Tourism Minister informed about the beginning of technical meetings focused on the Trans-Pacific Partnership (TPP) negotiation currently underway in Maui, Hawaii.
Gatherings between negotiating officials and working groups have already started. Those are based on the rules of origin and investment related affairs.
The meetings, held on July 22-27, are expected to gather some 400 delegates from the 12 TPP-negotiating countries.
Among the first delegations, which arrived in the city, were those representing Australia, Japan, United States, Singapore and Peru.
The Trans-Pacific Partnership is an initiative negotiated by 12 countries: Australia, Brunei, Canada, United States, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Thus, it is considered the most ambitious trade-agreement negotiation process existing among countries.
If consolidated, TPP would become the most important economic trade blocs in the world, even greater than the European Union.
According to data provided by the Foreign Trade Deputy Minister, Edgar Vasquez, the said countries would make up 37% of the world's GDP. Likewise, the bloc would account for 25% of the world's exports and "absorb" 27% of the total imports.
Finally, the Ministry stated the said agreement will "imply" hosting 804 million people, which per capita GDP averages US$32,800.