Canada Peru Free Trade Agreement Benefits

This current agreement is an update of the previous Canada-Peru Foreign Investment Promotion and Protection Agreement (FIPA), which entered into force in June 2007. The updated agreement offers more transparency and protection for investments. This eventually attracted more Canadian investors and increased their interest in expanding their business in Peru. (a) establish a free trade area in accordance with the Agreement; Thanks to this agreement, Peru recorded a 50.8% growth in Canada`s foreign direct investment between 2009 and 2017. This free trade agreement contributes to the strengthening of trade and opens up new markets by attracting foreign capital to each country. This makes Peru attractive to Canadian entrepreneurs who want to invest, earn reliable returns and reduce costs. This Order transposes the Free Trade Agreement and the related environmental and labour cooperation agreements between Canada and the Republic of Peru signed in Lima on May 29, 2008. Peru is Canada`s third-largest bilateral trading partner in South and Central America and the third-largest destination for Canadian direct investment in the region. The 2009 Canada-Peru Free Trade Agreement is the cornerstone of our bilateral trade relationship. Canadian merchandise exports to Peru reached nearly $US 753 million in 2018, while Canadian merchandise imports from Peru reached $US 1.42 billion. Canadian foreign direct investment in Peru totalled $14.2 billion in 2018, led by mining, oil and gas, and financial services. (c) create a level playing field affecting trade between Canada and the Republic of Peru; « free trade agreement » means NAFTA, CCFTA, CCRFTA, CIFTA or CPFTA; According to the Peruvian Ministry of Foreign Trade and Tourism (MINCETUR), trade increased by 16% over the period 2009-2015. Currently, the main products exported to Canada are gold, gasoline, silver ore, copper, lead, raw silver, fish oil, zinc ore, fishmeal, natural gas, agricultural products, handicrafts, metallurgical industry, non-metallic mining, hides and skins, chemicals, steel, textiles, jewellery, inter alia.

In August 2002, Canada and the Andean Community agreed to discuss the proposed free trade agreement. The Minister of International Trade has had detailed discussions on this issue with various groups in Canada, including provincial and territorial governments, to seek advice and advice. On June 6, 2007, David Emerson, Minister of International Trade, announced the opening of free trade negotiations between Canada and Colombia and Peru. [3] Peru has become, in many ways, one of Canada`s main partners; It is the third largest trading partner in Latin America and the Caribbean. In 2011, the value of Canada`s exports to Peru reached $US 516 million, up 36 per cent from 2008, the year before the agreement entered into force. Peru became the third nation to attract Canadian foreign direct investment to South and Central America. [4] The Canada-Peru Free Trade Agreement (CPFTA) is a free trade agreement between Peru and Canada. It was signed on 29 May 2008 and entered into force on 1 August 2009.

[1] [2] Tariffs, which were up to 12% on Canadian ICT products, are eliminated by the agreement. As Peru expands its IT infrastructure, Canada has the opportunity to provide wireless communications, customized software solutions, geomatics and health-related solutions. [4] As an exporter or manager, it is important to understand the cash culture of the countries in which you want to develop business transactions. A clear vision of the corporate culture will lead to more fruitful interactions. Similarly, it contains the main language used in official documentation, the type of organization you are dealing with, and other organizational structures. Peru`s free trade agreement with Canada is considered one of Peru`s most successful agreements, with Canada being a country with a GDP per capita exceeding $36,000 per year. . .