Background

The Peruvian Congress ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) July 16 and the Executive issued a supreme decree July 22 setting forth Sept. 19 as the date of entry into force of the agreement with respect to Peru. Accordingly, as of that date Peru joined Australia, Canada, Japan, Mexico, New Zealand, Singapore, and Vietnam as the eighth implementing party of the agreement. Brunei, Chile, and Malaysia, on the other hand, have not yet ratified the deal. Countries seeking to join this trade pact currently include China, Taiwan, and the UK.

Meanwhile, Sens. Tom Carper, D-Del., and John Cornyn, R-Texas, respectively the chair and ranking member of the Senate Finance Committee’s International Trade, Customs, and Global Competitiveness Subcommittee, are continuing to urge the Biden administration to seriously consider joining the CPTPP in order to counter China’s growing influence in the region. For example, the two lawmakers said Sept. 20 that the fact that China is seeking to strengthen its trade powers across the globe should not come as a surprise and believe the U.S. must quickly get its “seat back at the table to re-engage our Asia Pacific allies in trade.” President Biden recently said that the U.S. will pursue new trade rules but has given no concrete indication when that might happen or in what context.

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