Andina

Peru and UK strengthen bilateral ties through historic agreement

Photo: Ministry of Foreign Affairs of Peru

Photo: Ministry of Foreign Affairs of Peru

01:00 | London (UK), Mar. 21.

In a key step to strengthen economic and commercial ties between Peru and the United Kingdom in London, Foreign Affairs Minister Elmer Schialer and Secretary of State for Foreign, Commonwealth, and Development Affairs David Lammy signed the convention for the elimination of double taxation on income and capital gains taxes, and for the prevention of tax evasion and avoidance.

This agreement —successfully negotiated by Peru's Ministry of Economy and Finance (MEF) and the UK's HM Revenue and Customs— will provide greater certainty to investors and foster bilateral trade with clear and fair rules, as it will prevent individuals or companies from paying taxes twice on the same income.

In fact, this type of convention is the ninth signed by Peru, with the previous inked with Japan in 2019.

"The United Kingdom has become the leading investor in our country, and this measure will further boost our economic relations," Minister Schialer stated.

The Peruvian Cabinet member noted that nations can continue to reach important agreements despite global challenges.

"Attracting investments and strengthening our trade relations remains a priority for Peru, especially in an international context marked by protectionist measures," he added.

Strong Bilateral Relationship

During the meeting, both senior officials highlighted the strength of the diplomatic relationship that has been maintained for over 200 years.

Likewise, they announced the upcoming celebration of the 6th Political Consultations Mechanism at the Vice-Ministerial Level in the British capital.

One of the topics addressed during this conversation was security and cooperation in the fight against transnational organized crime.

They agreed to swiftly establish a mechanism to carry out this joint effort.

Additionally, Minister Schialer expressed Peru's interest in attracting new British investments in strategic sectors such as infrastructure, mining, and energy.

He also underscored that the United Kingdom's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will significantly boost trade, benefiting over 94% of Peru's export products.

(END) NDP/JCR/MVB

Published: 3/21/2025