The 2012 Trade Agreement between the EU and Peru has improved the already thriving trade relations between the blocks, making major tariff concessions to agriculture and deregulating industrial and fishing products.
The agreement, in force since 1 March 2013, has had a direct impact on growth and employment in Peru and Colombia, which also signed the agreement, and has helped, among other things, in the effective and reciprocal opening of the signatories' public procurement markets, the protection of intellectual property rights, free competition, the liberalisation of current payments and movements of capital related to direct investment and the development of a trading climate conducive to greater investment flow.
Trade relations are currently guided by internationally agreed best practices, which at the same time guarantee a transparent environment that is non-discriminatory and predictable for operators and investors through a mechanism to overcome non-tariff barriers, a chapter dedicated to trade and development that sets out consultation procedures for interested parties as well as, where applicable, an advanced system for resolving bilateral differences.
Finally, the agreement also includes a chapter on cooperation to improve competitiveness and innovation, modernise production and facilitate trade and the transfer of technology between the signatories.
As a result, the commercial exchange between Peru and the EU amounted to €8.679 billion in 2015, an increase of 5.71 % on the previous year. Below are some indicators:
- Peru is the 47th largest trading partner for the EU, to where it exports goods worth €4.949 billion.
- Peru mainly exports agricultural products (47.9 %) and fuels and minerals (44.6 %).
- The EU exports machinery and transport equipment (49 %) to Peru, along with other manufactured goods such as chemicals (16 %).
- The EU is the 3rd largest trading partner for Peru and accounts for 13.6 % of its total trade.