Peru, Chile to start talks on expanding FTA in 2011

Peru and Chile are planning to start negotiations to expand their free trade agreement in 2011, daily Gestion reported.

“The free trade deal is going very well, [even though] there are pending topics to negotiate,” Peru’s Economy and Finance Minister Eduardo Ferreyros said. “What has happened is that as much in Peru as in Chile we have very complicated business schedules, but we want to find the time to start negotiations in various of the topics that we left pending.”

Pending topics in the trade pact are related to financial services, government purchases, and mutual recognition of titles. Peru’s FTA with Chile came into force on March 1, 2009.

The Peruvian ambassador in Chile, Carlos Pareja, said negotiations are should not be affected by the maritime dispute between the two countries currently at the International Court of Justice at The Hague.

“In this moment the commercial, economic relations between Peru and Chile is passing through its best moment for the good of our two countries,” Pareja said. “At the end of the day, this is what’s going to help us get ride of poverty and the political topics are being dealt with by civilized countries.”

Trade between Peru and Chile is expected to reach $2.8 billion in 2010, with a $300 million trade balance in favour of Peru, Ferreyros said.

Chilean investments in Peru total about $9.5 billion, while Peruvian investments in its southern neighbour total $3 billion.

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