Peru, GCC ink pact on trade, economic & investment cooperation
Andina 1.10.2012
Peru, GCC ink pact on trade, economic & investment cooperation
Lima, Oct. 01 (ANDINA). — Peru signed Monday a framework agreement on trade, economic, technical and investment cooperation with the Gulf Cooperation Council (GCC), which comprises Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and the UAE.
The agreement, the first of its kind with a South American country, was signed by Saudi Arabia’s Foreign Minister Nizar bin Obaid Madani and his Peruvian counterpart Rafael Roncagliolo within the framework of the Third Summit of South American-Arab Countries (ASPA).
The two ministers agreed that the pact will strengthen friendship ties and make the Andean country a “strategic partner” for the GCC.
The accord will facilitate investment flows, boost bilateral trade and tourism, and promote scientific and technological development in energy and agriculture.
It also paves the way for a possible free-trade agreement between Peru and the six GCC member states.
Underscoring the importance of its agreement with the GCC, the Peruvian Foreign Ministry said the GCC had only previously signed a similar agreement with the Southern Common Market (Mercosur).
Roncagliolo noted that this pact will "strengthen and boost" relations between Peru and the Gulf countries. "The signing of this agreement confirms that Peru is committed to a policy of promoting [itself] to the world, looking for strategic partners in the international community," he told reporters during the signing ceremony, held on the margins of the Third Summit of Heads of State South American and Arab Countries (ASPA).
He added that the agreement is in line with the government’s policy of promoting dialogue that has led to the opening of new embassies in Qatar, Kuwait and Saudi Arabia, and a consular mission in Dubai.
