The head of the Ministry of Foreign Trade and Tourism (Mincetur), Elizabeth Galdo, and the Secretary of Commerce and Economic Development of Hong Kong, Algernon Yau concluded the negotiation for the trade agreement between both countries, thus moving closer to the signing of the FTA.
“We are pleased to be able to announce this progress within the framework of the APEC Trade Ministers’ Meetings. After 15 months of hard work by our teams, we can say that we have reached an agreement on the substantial elements of what will be a modern and ambitious FTAwhich will boost trade in goods, services and investments between Peru and Hong Kong,” said Minister Galdo.
Likewise, the representative of Hong Kong added that “this FTA will be very beneficial for both parties, Hong Kong offers many opportunities for Peruvian companies and is a gateway to Asia.”
This trade agreement includes 14 chapters, with topics related to market access, rules of origin, sanitary and phytosanitary measures, trade in services, electronic commerce, investment, cooperation, trade facilitation, temporary entry of business persons, among others.
In that sense, both would have reached a consensus on the most complex issues of the negotiation, leaving the minor technical issues pending.
Commercial relationship between Peru and Hong Kong
In the last five years, bilateral trade between Peru and Hong Kong has resulted in a positive trade balance for Peruvian exports.
Along these lines, in 2023, Hong Kong became the third destination for non-traditional exports from Peru to Asia and that same year, Peruvian exports to Hong Kong reached US$266 million, an increase of almost 1.5% compared to 2022.
It should be noted that 92% of the products exported to Hong Kong, in 2023, were non-traditional products. Among the main Peruvian products exported to Hong Kong are blueberries, grapes, avocados, fish meal, sea urchins, zinc, copper, and clothing.
Regarding imports, an amount of US$26 million was reacheddue to an increase in capital goods.
Source: Larepublica
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