Peru Free Trade Agreements List

Peru has been actively pursuing free trade agreements (FTAs) to enhance its economic growth and create more jobs for its citizens. As of 2021, the country has signed 21 FTAs with 60 countries, making it one of the most open economies in the world.

Peru`s FTAs cover a wide range of sectors, including agriculture, fisheries, textiles, mining, energy, and services. Some of the major countries that have FTAs with Peru include the United States, China, Japan, and the European Union.

One of the most significant FTAs that Peru signed was with the United States in 2009, known as the United States-Peru Trade Promotion Agreement (PTPA). The agreement eliminated tariffs on 80% of US exports to Peru and 77% of Peruvian exports to the US. The PTPA also provided greater market access for US service providers in Peru and included provisions for intellectual property rights protection.

Another important FTA that Peru has signed is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), formerly known as the Trans-Pacific Partnership (TPP). The CPTPP includes 11 countries, including Canada, Mexico, Japan, and Australia, and covers a range of sectors, including goods, services, investments, and intellectual property rights.

Peru has also signed FTAs with other countries in the region, such as Chile, Colombia, and Mexico, through the Pacific Alliance. The Pacific Alliance is a trade bloc that promotes free trade and economic integration between member countries.

The benefits of Peru`s FTAs are significant, as they provide greater market access, lower tariffs, and increased investment opportunities for businesses in the country. This has led to increased exports and the creation of more jobs, particularly in sectors such as agriculture, textile, and mining.

However, critics of FTAs argue that they can have negative impacts on certain sectors, particularly small farmers and local industries that may not be able to compete with larger, more established businesses. Additionally, some FTAs have faced controversy over their provisions for intellectual property rights and investor-state dispute resolution mechanisms.

Overall, Peru`s FTAs have been an important driver of economic growth and development in the country. As the world becomes increasingly interconnected, FTAs will continue to play a critical role in shaping global trade and commerce.