Why is high voltage preferred for long distance transmission of electric power?

The electric power is generated at 11,000V at a power station. It is then transformed to 1,32,000V using a step up transformer.
For a given electric power, when voltage increases, the electric current decreases as P=VI or I=P/V.
Hence , at high voltage low current is involved.
As current decreases, the power loss(I in the transmission lines decreases in the form of heat .
To reduce this loss, high voltage is preferred