Peru wants to upgrade FTA with China

12:28 | Beijing (China), Aug. 27.

Peru expects to modernize its Free Trade Agreement (FTA) with China in order to strengthen their already excellent bilateral relationship and explore new ways of cooperation, Peruvian Ambassador to Beijing Luis Quesada informed.

According to Quesada, Peru's Foreign Trade and Tourism Ministry (Mincetur) is in charge of this process.

The Embassy in the Asian Giant currently assists Peruvian and Chinese Ministries' technical teams, in order to arrange their first meeting in Beijing aimed at discussing FTA modernization.

Eight years have passed since the Peru-China FTA came into effect. Likewise, said deal can expand to other sectors such as e-commerce.

"In my opinion, a state-of-the-art deal with China will have a positive impact on bilateral trade and investments," the Ambassador expressed.

As is known, the treaty was signed on April 28, 2009, in Beijing and came into force on March 1, 2010.

Major products

Quesada indicated exporters of blueberries, asparagus, grapes, avocados, mangoes, and alpaca fiber, among others, benefit from this agreement.

Peru's challenge is to exponentially increase the entry of value-added products in the Chinese market and diversify the offer of processed and high-nutritional-value foods.

"The rise of the Chinese middle class has opened up a new market niche. They (its members) are focused on a healthy diet and the consumption of high-quality products," the official said.

Companies and human capital

Over 170 Chinese companies currently operate in Peru and can be found in different sectors such as mining, oil, fishery, and trade, among others, the diplomat pointed out.

"According to numerous projections, China will become the world's largest economy in a few years. Opportunities are increasing here. It is important for more Peruvians to come (here) and see the development process of this country," he added.

(END) SMA/MVF/DTK/MVB

Published: 8/27/2018

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Peru wants to upgrade FTA with China

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