The commercial negotiation agenda keeps making progress.
announced the start of negotiations between Peru and the United Arab Emirates (UAE) to reach a new Comprehensive Economic Partnership Agreement (CEPA).
The new milestone in Peru's foreign trade becomes official following the conclusion of the Terms of Reference (TOR) that will govern the start of negotiations, according to Mincetur.
"It is a firm first step to strengthen trade relations with this region of the world, thus enabling us to continue expanding opportunities for Peruvian companies providing goods and services, and to attract greater Emirati investment to Peru," the government agency emphasized.
In this regard, it is important to note that the first negotiations round between the two countries will take place from November 24 to 27.
"A CEPA with the United Arab Emirates will allow us to secure access for Peruvian products to a high-income market, with a per capita GDP of US$49,500, where there is growing demand for fresh foods, gourmet products, and sustainable goods, which are part of Peru's export basket," Minister Leon added.
In addition to commitments aimed at eliminating tariffs, the agreement will include provisions on services, investment, digital trade, trade facilitation, intellectual property, SMEs, among others.
Trade
In 2024, bilateral trade between Peru and the United Arab Emirates reached US$1.978 billion, an 83% increase compared to 2023.
Peruvian exports to this market are mainly composed of gold shipments. In addition, products such as mangoes, blueberries, broad beans, quinoa, coffee, and Brazil nuts are sold abroad.
On the other hand, imports from the UAE in 2024 reached US$37 million, mainly consisting of chemicals, plastics, and petroleum derivatives.
Currently, Peruvian products enter the Emirati market with tariffs of up to 14.5%, while agricultural products pay tariffs ranging from 5.4% to 25.6%.
Supported by preferential tariffs, Peru's non-traditional exports are expected to increase their presence in the UAE, according to Mincetur.
Furthermore, the CEPA will serve as a key tool to attract Emirati investment to Peru, particularly in infrastructure, renewable energy, tourism, and technological innovation