May 28, 2023

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In addition to Hong Kong and India, Peru is negotiating FTAs ​​with three other countries Savior | Turkey | Nicaragua | economy

Peru seeks to add new markets for more flexible trade. The Ministry of Foreign Trade and Tourism (Mincetur) announced the resumption of negotiations last week. FTA FTA with India will promote another Hong Kong (China). However, there are still three contracts.

to increase Peruvian exportsIn particular, goods and services, which will grow by 4.7% between 2024 and 2027, in addition to agricultural exports, have become the engine of economic growth due to the good dynamics recorded in recent years. The Peruvian market points to “a greater integration with the world.”.

Therefore, although Peru currently has free trade agreements (FTA) It is negotiating agreements with 29 countries, representing 82% of global GDP, in five markets. Hong Kong and India. But with Turkey, El Salvador and Nicaragua.

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In 2013, Peru and Turkey They agreed to formalize the start of negotiations for a Free Trade Agreement (FTA). Home to over 75 million people, the market mainly demands mining, fishing, agriculture, leather and fur products.

In 2017, meanwhile, Peru reactivated negotiations with El Salvador after five years. In 2021, Chairman Minnesota At the time, Claudia Cornejo announced that the governments of Peru and Nicaragua had begun commercial negotiations to sign the agreement. FTA (TLC). Major exports to this market include biscuits, explosives, pharmaceutical products, bakery products, grapes and plastic products.

It should be noted that these trade negotiations are progressing in an environment where Peru’s exports of goods and services will grow less than expected in 2022, reflecting lower demand for products from trading partners and, more importantly, higher added value.

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However, exports of traditional and non-traditional commodities are linked to the largest primary supply – copper and Agricultural exports– Sustaining exports, the government notes in its update on macroeconomic projections.

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Note that only in In the agro-export sector, exports of grapes, mangoes, blueberries and avocados to the Asian market (including Japan, Malaysia, Indonesia and other countries) are expected to increase in the short term, in line with higher phytosanitary access achieved by 2022. (Total 10).

“Current Free Trade Agreements (FTAs), including the Trade Promotion Agreement (2020) with the United States (2009), the European Union (2013) and the United Kingdom (2020), allow access to most agricultural-exportable products. These markets are free of additional restrictions and the payment of tariffs. “All this has allowed Peru to consolidate itself as one of the leading exporters of agricultural products (such as blueberries, grapes, avocados and quinoa) in the world,” the report notes.

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