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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

CANADA Ė PERU: Free Trade Agreement Negotiations Concluded

Thursday, February 28, 2008 > 13:21:48
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CANADA – PERU

Free Trade Agreement Negotiations

On January 26, 2008, Canada and Peru announced the conclusion of negotiations towards a Free Trade Agreement. (see News Release and Backgrounder - January 26, 2008)

This FTA will benefit Canadian exporters, service providers and investors in several sectors including, but not limited to, mining, manufacturing, agriculture, financial services, and environmental and engineering services.

This FTA will allow our exporters to maintain their competitive position in this key export market relative to other suppliers, such as those from the U.S., who will benefit from preferential access under their own trade agreement with Peru. The FTA will also promote a more stable and predictable investment environment in key sectors of interest, such as natural resources and infrastructure.

Following a legal review of the negotiated texts, the Agreement will be signed by the parties and proceed to each country’s respective legislative process for ratification. The text will be available publicly upon presentation of the Agreements to Parliament.

Both countries will endeavour to complete the legal review expeditiously and formally sign the agreement at the earliest opportunity with the aim for the Agreement to enter into force in January 2009.

Background

On June 7, 2007, The Honourable David Emerson, Minister of International Trade, announced the launch of free trade negotiations between Canada and Colombia and Peru. (See News Release and Backgrounders – June 7, 2007).

Re-engagement in the Americas is a critical international priority for Canada. In particular, Canada is committed to building strong and sustainable economies through increased trade and investment; strengthening and promoting our values of freedom, democracy, human rights and the rule of law; and meeting new security challenges, as well as natural disasters and health pandemics.

Prime Minister Harper’s visit to the Andean region in July 2007 confirmed Canada’s commitment to deeper engagement in the Americas and to conclude high quality free trade agreements with Peru and Colombia.

Four FTA negotiation rounds were held in Lima (July 16-20, 2007);Ottawa (September 4-7, 2007); Bogota (October 1 to 5, 2007); and Lima (November 26-30, 2007); with Canada, Peru and Colombia participating.

On January 26, 2008, Canada and Peru concluded FTA negotiations. The Honourable David Emerson, Minister of International Trade and Minister for the Pacific Gateway and the Vancouver-Whistler Olympics and Peruvian Minister of International Trade and Tourism, Maria Aráoz Fernandez met in Davos, Switzerland, on the margins of the World Economic Forum meetings to mark this milestone.

The negotiated agreement covers a number of elements, including trade in goods, rules of origin, customs procedures, trade facilitation, non-tariff measures, cross-border trade in services, financial services, temporary entry, investment, government procurement, trade-related cooperation, competition, intellectual property, e-commerce, dispute settlement and institutional provisions. In keeping with Canada's approach to FTA negotiations, Canada has also addressed the social dimensions of economic integration through the negotiation of provisions on labour and the environment.

In 2006, two-way merchandise trade between Canada and Peru totalled $2.4 billion. Canada is also one of Peru’s most important source of foreign direct investment in the mining sector, and among the largest overall foreign investors with an estimated $2.9 billion of investment stock as of 2006. In 2004, Canadian commercial services exports to Peru totalled approximately $46 million.

Under Canada’s Global Commerce Strategy, the Government of Canada will keep advancing trade interests in the Americas and around the world to open up new markets for Canadian business and investors. This ambitious trade negotiations agenda will secure competitive terms of access for Canadian businesses and investors.

 
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