Peru And Mexico Sign Trade Agreements To Facilitate Exports Of Textiles And Garments

April 6th of this year Peru Minister of foreign trade EDUARDO FERREYROS and Mexico BRUNO FERRARI, the Minister of economics, signed the trade integration agreement (ACUERDO DE INTEGRACION COMERCIAL) at the presidential palace of Peru under the testimony of President ALAN GARCIA of Peru.

Mexico, Peru, originally signed the ACUERDO DE COMPLEMENTACION ECONOMICA:ACE N degree 8 in 1987. In the past 5 years, the two sides negotiated several rounds of negotiations in order to expand the entry of the agreement market and include services trade, intellectual property rights and investment.

Mexico, Peru Economic complementarity The agreement originally contained only 700 market entry products, and the Peru Mexico trade integration agreement extended to 1200 products. After the new agreement came into effect, 76% agricultural products will be exempt from customs duties within 10 years, and 18% of the sensitive agricultural products will be excluded.

The other 62 products that are advantageous for sale and sale in Peru, but sensitive to Mexico, will be exported by way of tariff quotas. For example, Peru's milk and caramel can enjoy 2000 tonnes of duty free import to Mexico every year. Avocado can enjoy 8000 metric tons of duty free annually. Fresh or frozen asparagus can be imported into Mexico in 9-12 months per year.

The agreement is expected to take effect in July this year. According to the Ministry of foreign trade, the bilateral trade between Mexico and Peru is expected to grow by 40% in the first year after the entry into force of the agreement.

According to the Peru Exporters Association, the agreement is conducive to the export of Peru's timber, textiles and garments. The Lima chamber of Commerce and the economist also said that the agreement will increase the export of SMEs in Peru and promote the strategic alliance of the two countries to jointly develop the Asian, European and American markets.