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Peru, Mercosur To Accelerate Tariff Reduction

by Mike Godfrey, Tax-News.com, Washington

31 July 2015


The governments of Peru and Brazil have agreed to strengthen their bilateral trade relations, including through the removal of tax barriers to trade.

The two sides agreed to promote the acceleration of tariff reductions under the Economic Complementation Agreement ACE-58 signed between Peru and the Latin American trade bloc Mercosur. The agreement, which entered into force on February 6, 2006, included provisions for the liberalization of trade between Peru and the Mercosur states – Brazil, Argentina, Paraguay, Uruguay, and Venezuela.

Trade between Peru and Brazil reached USD3.5bn in 2014, according to Peru's Ministry of Foreign Trade and Tourism (MINCETUR). Brazil is the third-largest exporter to Peru and the fifth-largest market for Peruvian exports. Magali Silva, the head of MINCETUR, said that the two countries have experienced a growth in trade of agricultural products and textiles.

Peru has been an associate member of Mercosur for a number of years.

TAGS: tax | free trade agreement (FTA) | Paraguay | Uruguay | Venezuela | export duty | tariffs | Brazil | Peru | import duty | trade | Argentina

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