Peru’s free trade agreement with Japan, signed in May 2011, goes into effect as of today and is expected to help Peru double non-traditional exports to Japan over the next three years.
Under the agreement, negotiated between 2009 and 2011, tariffs on 99 percent of the products traded by both countries are to gradually drop over the next 10 years. The Lima Chamber of Commerce forecasts an increase in Peruvian exports of zinc and copper as well as of asparagus and corn, and fish products such as giant squid. Japan expects to increase exports to Peru of electronic equipment, vehicles and spare parts.
Japan is Peru’s fifth leading commercial partner, and has similar trade agreements in Latin America with Mexico and Chile. Peru’s exports to Japan in 2011 totaled $2.1 billion, with imports from Japan reaching $1.3 billion.
