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Peru and Mainland China Agree to Enhance FTA

Peruvian and mainland Chinese authorities have agreed to conduct a study to identify ways to enhance their bi-lateral free trade agreement, which has been in force since 1 March 2010. The study will be prepared by the Peru-China FTA Free Trade Commission, which is comprised of mainland Chinese and Peruvian trade officials. As part of this process, Peruvian authorities will accept input from domestic importers, exporters, producers and other stakeholders.  

Duties on a range of mainland Chinese products were eliminated on the date of implementation of the FTA or have since been gradually reduced. The most notable reductions came with regard to most fish and seafood; wood pulp; most toys and games; cellular phones; non-cotton vegetable fibres, yarns and certain woven fabrics of HS Chapter 53; computers and parts thereof; certain electronic equipment; lighters; pencils; headgear; umbrellas; clocks and watches; urea; and laminated steel products. Duties on certain other mainland Chinese products, including pharmaceuticals and certain textile made-ups, are continuing to be phased out over a 10-year period.

Peru was able to shield several sensitive products from any tariff elimination commitments, including ball-point pens, certain textiles, apparel and footwear, and certain tools and miscellaneous articles of base metals. These sensitive products include a total of 592 tariff lines and account for about ten percent of Peru’s total imports from the mainland. Likewise, mainland China did not provide tariff preferences to certain agricultural products and wood and paper products from Peru.

Peru’s Ministry of Foreign Trade and Tourism indicates that Peruvian exports to the mainland have grown at an annual average of 9.1 percent since the FTA’s implementation. Agricultural and fishery products grew by 34.4 percent per year during this period while non-metal mining products rose 34 percent, with non-traditional exports reaching US$344 million in 2015.

Content provided by Picture: HKTDC Research
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