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Peru: Non-traditional exports up 25% thanks to TPPTuesday, June 21, 2016 > 09:53:20
In the following year, the Trans-Pacific Partnership (TPP) agreement will contribute to boosting non-traditional exports by up to 25%, and thus allow Peru to access new markets, Foreign Trade and Tourism Minister Magali Silva announced on Sunday.
"We have signed this century's most relevant agreement; that is the TPP, signed last February 4th. It sets a significant milestone achieved by the current government," Silva said when interviewed by Economika, a program developed by Andina Online Channel.
According to Silva, such potential could be only reached through commercial exchange between Peru and TPP members, with which the nation had not inked a Free Trade Agreement (FTA) yet.
Such countries are Australia, New Zealand, Vietnam, Malaysia and Brunei.
"Through TPP, non-traditional exports may increase 25% by merely supplying [products] to these five countries [...]. We are talking about nearly US$2.25 billion [in revenue]," she stressed.
Trade with the said five new markets will mainly boost three sectors related to food, fishery resources and textile products.
At the same time, Silva highlighted efforts undertaken by Peru's Trade Offices based in overseas (OCEXs), which have significantly contributed to non-traditional exports expansion.
OCEXs along with PromPeru rely on a trade intelligence tool that detects new global consumption trends, with the aim of identifying and expanding opportunities.
Finally, the minister emphasized the current administration has been focused on boosting innovation among exporting enterprises within the Pacific Alliance, above all.