Trade with Mexico to double in five years thanks to FTA
16 December 2011
Lima, Dec. 16 (ANDINA). The Ministry of Foreign Trade and Tourism (Mincetur) estimated Thursday that once the Free Trade Agreement (FTA) between Peru and Mexico comes into force trade will double in five years.
Between 2000 and 2010, bilateral trade rose at an average annual rate of 13 percent to US$1.4 billion from US$414 million.
The agreement, in terms of trade and services, covers financial and cross-border services, as well as temporary entry of people and the mutual recognition of qualifications.
Moreover, the investment sector includes guarantees to investors and access to an international arbitration mechanism.
Peruvian Trade and Tourism Minister Jose Luis Silva noted that the Mexican Senate approved the FTA with Peru on second vote after rejecting it on Wednesday and will come into force in the first quarter of 2012.