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Trade News

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.

 

Peru and Canada adopt measures to ease bilateral trade

Tuesday, August 15, 2017 > 10:13:45
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Andina

The governments of Peru and Canada agreed to simplify bilateral trade, thus streamlining the transit of goods between both nations, Foreign Trade and Tourism Minister Eduardo Ferreyros underscored. 

The action was taken by signing of Decision 1 of the Peru-Canada Free Trade Agreement Joint Commission.

The document stipulates transport documents shall be submitted only when goods from both countries transit or transship in a third country and are not stored, allowing for greater flexibility for FTA tariff benefits.  

Thus, there will be greater flexibility to get tariff benefits from the FTA.

In the case of Peru, actions will be implemented following efforts by the Foreign Trade and Tourism Ministry (Mincetur) along with the National Customs and Tax Administration (Sunat).

Greater opportunities

The FTA between Canada and Peru took effect eight years ago.

This agreement has contributed to generating great trade opportunities for both Peruvian and Canadian firms, the minister said.

Data

In 2016, bilateral trade reached US$2.355 billion, with exports rising to US$1.686 billion and imports totaling US$669 million.

Between January and April 2017, trade amounted to US$594 million.  

"During that period, [Peruvian] exports totaled US$386 million, whereas imports reached US$208 million," Ferreyros pointed out.

It should be mentioned the main non-traditional shipments to Canada in 2016 were composed of fresh grapes (US$25 million), frozen, fresh or dried mangoes (US$12 million) and quinoa (US$8 million).  


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