Peru's new president said Monday it was "worrisome" that China is not part of the 12-nation Trans-Pacific Partnership but his government would seek ratification for U.S. President Barack Obama's signature trade deal.
The U.S.-and-Japan-led pact, reached on Oct. 5 after years of negotiations among a dozen Pacific Rim countries, would slash tariffs in 40 percent of the world's gross domestic product.The TPP has been pilloried by politicians in the United States.
Peruvian President Pedro Pablo Kuczynski, a 77-year-old former investment banker who took office in July, said the sweeping trade pact does not go far enough, though it is good for Peru overall. "The fact that it excludes China, the dominant power in Asia, is worrisome over the long run," Kuczynski said in a statement distributed by his office.
