Peru signs Free Trade Agreement with United Kingdom

Photo: UK Embassy in Ecuador

Photo: UK Embassy in Ecuador

15:05 | Quito (Ecuador), May. 15.

Peruvian Foreign Trade and Tourism Minister Edgar Vasquez on Wednesday highlighted the recent signing of the Free Trade Agreement between Peru and the United Kingdom.

In this sense, the Inca country's Minister Vasquez and British Ambassador to Ecuador Katherine Ward inked the accord in the city of Quito. 

Therefore, this FTA ensures the continuity of trade flows, meaning tariff preferences to enter the British market will be maintained once the UK exits the European Union. 

"The Trade Agreement between Peru and the United Kingdom is based on the one signed with the European Union in 2013. However, adjustments were made with the purpose of maintaining the commercial exchange between our countries worth over US$700 million for Peru," the Peruvian official expressed. 

Trade with the UK

After the United Kingdom announced its exit from the European Union in 2017, the British nation, Peru, Colombia, and Ecuador agreed on establishing a trade accord in order to maintain the tariff preferences, which had resulted from the accord with the economic bloc. 

So far, the Inca country relies on benefits to enter the UK market within the framework of the FTA with the EU. 

It should be noted Peruvian exports to the United Kingdom amounted to over US$700 million in 2018, the second-highest result in the last 14 years. 

Moreover, non-traditional shipments broke a record (US$407 million) and represented nearly 60% of the total. 

That same year, Peru was the UK's second-largest fruit provider. Meanwhile, the British nation is the Inca country's sixth-main trade partner within the European Union bloc. 


Published: 5/15/2019
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