Mexico’s Senate ratified a free trade agreement with Peru on Thursday, after delaying about seven months since it was approved by executives in both countries on concerns about its impact on the agricultural sector.
The trade pact was approved with 55 votes in favor and 47 against.
Peru’s Foreign Trade and Tourism Ministry said in a statement that trade between the two countries has increased 13 percent annually between 2000 and 2010, jumping to $1.46 billion from $414 million.
The Ministry said that trade could double in the next five years thanks to the trade pact.
“Peru is a country in full growth,” said Mexican Economy minister Bruno Ferrari, in Geneva this week at the World Trade Organization’s eighth ministerial conference. “It is a natural option for Mexican producers who are looking to expand their business in Latin America and obtain that way a bigger international presence.”
“In other words, Peru is a major strategic partner for Mexico,” he added. “In fact, Peru has seen growth three times faster than our most important trade partners.”
“Peru represents a commercial opportunity that we must take advantage of,” Ferrari said.
Both Ferrari and Peru’s Foreign Trade minister, José Luis Silva, are in Geneva this week for the WTO conference of cabinet ministers from 153 member countries.
Both countries already have numerous free trade agreements. Peru’s most important free trade pacts are with China, the United States, the European Union and Canada.
