Peru, Mexico sign trade deal

EFE | April 06, 2011

Peru, Mexico sign trade deal

Lima – Peru and Mexico on Wednesday here signed a trade agreement with the aim of jointly reaching out to Asia, an undertaking that they want Chile and Colombia to join.

The signing of the accord was carried out in the presidential palace in the presence of head of state Alan Garcia, Mexican Economy Secretary Bruno Ferrari and Peru’s ministers of Economy, Ismael Benavides; and Foreign Trade, Eduardo Ferreyros, among other officials.

With the signing of the treaty "we feel that we’re recovering this Mexico that we love so much, whose presence in the South American region is going to have revitalizing effects," Garcia said.

He noted that Mexico represents a market of 112 people, four times Peru’s population and with a gross domestic product of more than $1 trillion.

Peru is associating itself with "an economy of great dimensions and great growth that has been joined with a large market like that of the United States," Garcia said.

Mexico’s total exports exceed $300 billion per year and its imports amount to $320 billion, while its trade with Peru only stood at $1.41 billion in 2010, Garcia noted.

He added that "it’s a decisive step to draw closer to Mexico, but also it’s a preliminary step for the project on which we’re working" with Chile and Colombia, in addition to Mexico.

The Peruvian president said that the project seeks "a deep integration of our four countries, in the exchange of products and people, to grow toward Asia."

"After overcoming great obstacles, we’re attaining a shared vision and we’re assuming the common task of building a more prosperous and equitable future," Mexico’s Ferrari said.

He emphasized that Peru has the most dynamic economy in South America and that Mexican firms have invested $3.7 billion in the Andean nation.

"At present, trade with Peru creates 23,000 jobs for Mexicans. If the deal is signed, that number could almost double over the next five years with the creation of 17,000 new jobs," Ferrari said last week as the negotiations in Lima were reaching fruition.

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source: EFE