Peru’s newest free trade deal will help to boost exports of fish and agricultural products like grapes, according to the Foreign Trade and Tourism Ministry.
Peru completed negotiations for a free trade agreement with Thailand during President Ollanta Humala’s recent trip to the Asian country. Humala had traveled to Bangkok as part of an official state visit that also included meetings in Indonesia as part of the Asia-Pacific Economic Cooperation.
The FTA is in line with Peru’s liberal free trade policy and plans to position itself to have stronger ties with Asian nations.
“It was a FTA that they started negotiating in 2003 and it will give Peru favorable results in increasing exports of products like canned foods, fishmeal, frozen fish and grapes,” Foreign Trade and Tourism Minister Magali Silva said.
“With Thailand we still have a trade deficit. We buy from them pickup trucks, washing machines, but our exports to that country are not the scale of what they should be,” Silva added.
Peru already has free trade pacts with its biggest trade partners: China, the United States, and the European Union. It also has trade accords with Canada, Japan, Australia and Chile, among other countries.
The Andean country is also looking to sign a trade pact with Israel. The Israeli Ambassador to Peru, Modi Ephraim, said Monday that he expects the countries will wrap up negotiations and sign an accord in 2015.