announced that Peru and Hong Kong began the first round of trade negotiations for the signing of a Free Trade Agreement (FTA).
In this round, 13 negotiating tables will be worked on, where issues related to market access, rules of origin, sanitary and phytosanitary measures, trade in services, e-commerce, investment, cooperation, trade facilitation, temporary entry of businesspeople, among others, will be addressed.
"The negotiation of an FTA with Hong Kong and its future signing allows us to consolidate the zero-tariff treatment for our products, granting certainty, predictability, and advantage to Peruvian exporters. As Hong Kong is the third-largest destination for our non-traditional exports in Asia, this FTA will provide a further boost to our shipments," the minister specified.
The government official reaffirmed that reaching an FTA with Hong Kong is one more step in Peru's strategy to consolidate its position in the Asia-Pacific region, achieving greater opening of markets, expanding tariff benefits for Peruvian companies (especially MSMEs), and strengthening the country's image for greater attraction of investments.
Bilateral trade
During the past five years, bilateral trade between Peru and Hong Kong has resulted in a positive trade balance for Peruvian exports. In 2022, our exports reached US$262 million.
In terms of imports, US$25 million was reached, increasing capital good imports by 93% over the previous year. Products such as cash registers, machinery parts, sewing machines, among others, stand out in this sense.
It must be noted that, in 2022, Hong Kong became the third-largest destination for non-traditional exports from Peru to Asia.
Last year, Peruvian shipments of non-traditional products accounted for 90% of our exports to Hong Kong, totaling US$235 million.
Concerning the agro-industrial sector, shipments of grapes, blueberries, avocados, tangerines, pecans, pomegranates, figs, and tangelos stand out.