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Peru Expects to Reach FTA with Hong Kong in 1Q 2024

Peruvian Foreign Trade-Tourism Minister Juan Carlos Mathews on Friday affirmed that, as part of the actions that the government has been implementing to increase export opportunities, progress has been made in terms of new free trade agreements with different markets.

In this sense, the Cabinet member announced that a Free Trade Agreement (FTA) with Hong Kong would be signed in the first quarter of 2024.

“The first important action is the start of a formal FTA with Hong Kong. The first round of negotiations has already been held in Hong Kong; the second round is coming to Peru in three weeks, and the agreement is expected to be completed during the first quarter of next year,” he noted during the presentation of a report on the Government’s performance over six months in office.

Mathews indicated that the start of a Free Trade Agreement with Indonesia was also formalized, “and we are seeking to resume negotiations with India, which were stalled by the pandemic.”

The high-ranking official commented that foreign trade generates around 1.5 million jobs in Peru. Thus, the ministry continues working to open up more markets for Peruvian exporters.

Afterwards, he highlighted the launch of the Productive Exports Route (RPE) program, which has managed to benefit nearly 10,500 families related to the banana, coffee, and cacao value chain in Piura, San Martin, and Junin regions.

Furthermore, the minister welcomed the development of the Internationalization Support Program, which relies on funds to co-finance the internationalization initiatives by Peruvian companies.

Moreover, he highlighted the work that PromPeru and Peruvian Trade Offices abroad (OCEX) have been carrying out, by implementing specialized promotional actions.

“Those specialized fairs, missions, and visits have been generating deals worth US$437 million over the last six months,” he highlighted. 

Source : ANDINA