Mincetur: FTA between Peru and Hong Kong to be signed in November

The Free Trade Agreement (FTA) between Peru and Hong Kong will be signed in November of this year, as announced on Wednesday, July 3, by the Minister of Foreign Trade and Tourism, Elizabeth Galdo.

The first round of negotiations began in February last year. In mid-May, it was announced that an agreement had been reached on the essential elements of the next FTA during the APEC trade ministers’ meetings. would boost trade in goods, services and investments between Peru and Hong Kong.

“At this moment we are simply making some minor adjustments and in November this treaty can be signed with the benefits that this means for exports and international trade,” Minister Galdo told the Andina agency.

To the date, There are already 14 agreements signed within the 21 APEC economies and 16 are expected to follow soon. “We are in negotiations with Indonesia, a country with 350 million inhabitants that is interested in reaching an agreement within the framework of APEC in November,” said the head of Mincetur.

Trade relations between Peru and Hong Kong

Over the past five years, bilateral trade between Peru and Hong Kong has resulted in a positive trade balance for Peruvian exports.

Along those lines, Hong Kong became the third destination for Peru’s non-traditional exports to Asia in 2023 And that same year, Peruvian exports to Hong Kong reached US$266 million, an increase of almost 1.5% compared to 2022.

It is worth noting 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, fishmeal, sea urchins, zinc, copper, and clothing.

As for imports, the amount reached US$26 million, due to an increase in capital goods.