Free trade policy
Peru is committed with free trade policies, and is seeking to connect its rich natural resources and industrial output to international markets. Peru is moving very fast to boost exports and secure market access, having signed trade agreements or being in the way to conclude them, with a number of countries, among them some of most important APEC economies. Thus, Peru and the U.S. signed an FTA (U.S.-Peru Trade Promotion Agreement) on April 12, 2006 in Washington, DC. This agreement was ratified by the Peruvian Congress on June 28, 2006, and is expected to be approved by the U.S. Congress in 2007. Previously, Peru signed an early harvest agreement with Thailand in 2005. Also, an FTA with Chile was signed on August 2006. Peru is about to conclude negotiations with Singapore and Mexico.
Likewise, during 2007 Peru expects to start formal negotiations with Canada, and it will conduct joint feasibility studies with China and Korea, aiming to start FTA negotiations later this year. Finally, last December Peru proposed Australia to enter into negotiations for an FTA. Besides, together with some Andean partners, Peru is in the way to negotiate an Association Agreement (which includes a Free Trade Agreement) with the European Union member countries. Formal negotiations are about to start late this year.
Peru registered a trade surplus of over $6 billion in 2006. Exports reached over $20 billion,
partially as a result of high mineral prices. Peruís major trading partners are the U.S.,
China, EU, Chile, and Japan. In 2005, 30.6% of exports went to the U.S. ($5.2 billion) while
17.9% of imports came from the U.S. ($2.1 billion). Peru belongs to the Andean Community, the
Asia-Pacific Economic Cooperation (APEC) forum, and the World Trade Organization (WTO).
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