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Peru-EFTA trade pact to come into force in July

Andina, Peru

Peru-EFTA trade pact to come into force in July

7 March 2011

Lima, Mar. 07 (ANDINA). The free trade agreement between Peru and the European Free Trade Association (EFTA) countries -Switzerland, Norway, Iceland and Liechtenstein- will come into force from July, Trade and Tourism Minister Eduardo Ferreyros said Monday.

The minister said that the agreement will go into effect for Peru and its main trading partner in the EFTA bloc, Switzerland, during this month.

"We are making the necessary arrangements and we have agreed with the Swiss authorities to put the agreement into effect in July," he told Andina.

Ferreyros pointed out that the Peruvian exports to EFTA countries concentrate in few products, mainly gold, "which is why the agreement is intended to export more products with added value."

"Peru’s mineral exports to Switzerland amount to about 3.8 billion, while the export value of non-traditional products totals seven million dollars," he said.

Peru and the member states of the European Free Trade Association (EFTA) signed the trade deal in July 2010 with a view to enhancing the economic ties and promote trade and investment between both sides.

The agreement covers a broad range of areas, notably trade in goods (industrial and processed agricultural goods, fish and other marine products), investment, protection of intellectual property rights, government procurement, competition and cooperation.