Uruguay applies to join CPTPP in bid for Asian export boost

Uruguay has applied for membership in the 11-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership, in the South American country’s latest bid to do more trade with Asia.

Uruguayan President Luis Lacalle Pou said Thursday in a Twitter post that his country’s application had been submitted in New Zealand, which serves as depositary for the trade and investment agreement’s documents.

“More opportunities for our country and our people,” Lacalle Pou said in his tweet. “A Uruguay open to the world. We trust the Uruguayans and all their potential.”

Uruguay aims to increase exports of beef and other farm products to CPTPP members — Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam

Separately, Uruguay is seeking to conclude a free trade agreement with China.

Brazil, Argentina, and Paraguay — Uruguay’s partners in the Mercosur customs union — said they may take legal action in response to the Uruguayan CPTPP bid, saying it violates the group’s principle of not negotiating external trade deals.

Elsewhere in Latin America, Ecuador applied for CPTPP membership in December 2021 and Costa Rica last August.

Source: Nikkei Asia

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