The Minister of Foreign Trade and Tourism, Luis Fernando Helguero, announced that Peru and Hong Kong began the first round of trade negotiations for the signing of a Free Trade Agreement (FTA).
The first round was held virtually for some groups from January 30 to February 3, while other groups will meet in person in Hong Kong during the week of February 6 to 10.
In this round, 13 negotiating tables will be held, where issues related to market access, rules of origin, sanitary and phytosanitary measures, trade in services, electronic commerce, investment, cooperation, trade facilitation, temporary entry of entrepreneurs, among others, will be addressed.
“The negotiation of a free trade agreement with Hong Kong and its future signature allows us to consolidate zero-tariff treatment for our products, granting certainty, predictability and advantage to Peruvian exporters. With Hong Kong being the third destination for our non-imported products, traditional exports in Asia, this free trade agreement will give a new boost to our shipments,” said the minister.
The official reaffirmed that reaching a free trade agreement with Hong Kong is another step in Peru's strategy to consolidate its position in the Asia-Pacific region, achieve greater market opening, expand tariff benefits for Peruvian companies (especially MSMEs) and strengthen the country's competitiveness. image for greater attraction of investments.
Bilateral trade
Over 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$262 million.
As for imports, the figure reached US$ 25 million, with imports of capital goods increasing by 93% compared to the previous year. Products such as cash registers, machinery spare parts, sewing machines, among others, stand out in this regard.
It should be noted that, in 2022, Hong Kong became the third destination for Peru's non-traditional exports to Asia.
Last year, Peruvian shipments of non-traditional products accounted for 90% of our exports to Hong Kong, totaling US$235 million.
In the agro-industrial sector, shipments of grapes, blueberries, avocados, mandarins, pecans, pomegranates, figs and tangelos stand out.
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