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EFTA Finalizes Free Trade Deal With Peru,
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, November 12, 2008
The European Free Trade Association (EFTA) and the Latin American state of
Peru have completed negotiations on a broad-based free trade agreement (FTA)
which is expected to be signed next year.
Upon entry into force, the FTA will improve market access for industrial goods,
agricultural products and fish, notably by removing customs duties on most products
originating in one of the countries party to the accord. The agreement will also provide for rights
of establishment for investors, access to government procurement markets, protection
of intellectual property rights, rules on competition, a dispute settlement
mechanism, and a framework for cooperation.
Negotiations between both sides were launched in 2007 and concluded during
the fifth round, which was held from October 27 to 31, 2008 in Lima. The EFTA
side was led by Ambassador Marie-Gabrielle Ineichen, from Switzerland, while
Vice-Minister Eduardo Ferreyros headed the Peruvian delegation.
Until the fourth round, EFTA had conducted the negotiations jointly with Peru
and Colombia. For the final phase, the processes were split, and a conclusion
with Colombia was reached in June 2008. Together with Peru, EFTA will now proceed
to a legal review of the agreed texts, in preparation of the signing of the
FTA by ministers in the course of 2009.
Bilateral trade between the EFTA States and Peru has grown significantly over
the last years, reaching USD325m in 2007, with a trade balance in favour of
Peru. EFTA's leading exports to Peru in 2007 consisted of machinery, pharmaceuticals,
clocks and watches, as well as optical and medical instruments. The main products
imported from Peru into the EFTA countries were fish meal, and fats and oils.
The Peruvian market is also of growing interest to service providers and investors
from EFTA States.
EFTA currently has 16 free trade agreements with 20 partner countries
worldwide. The FTA with Peru will be EFTA’s fourth in Latin America, after
Mexico, Chile and, in due course, Colombia.
The EFTA states have pledged to continue expanding their network of FTAs with
countries in different parts of the world.
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