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Peru Free International Trade Agreements

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Peru, being a prominent player in the global garment industry, has established substantial Free Trade Agreements (FTAs) with various countries and trading blocs. These pivotal agreements have unlocked pathways for international trade and wielded a considerable impact on Peru’s garment sector. Here, we highlight some noteworthy FTAs that Peru has inked with other nations in the garment industry:

 

United States-Peru Trade Promotion Agreement (PTPA):

The PTPA, enacted in 2009, effectively removed tariffs and trade barriers spanning a wide spectrum of goods, including textiles and apparel, in trade between Peru and the United States.

This landmark agreement has expedited the growth of Peru’s garment exports to the U.S., streamlining market access for Peruvian textile and apparel enterprises in one of the world’s largest clothing consumer markets.

Peru-EU Free Trade Agreement:

In operation since 2013, the Peru-EU FTA has played a pivotal role in propelling Peru’s garment industry to new heights by bolstering exports to European Union member countries.

This accord has granted Peru preferential access to the EU market, empowering Peruvian apparel manufacturers to broaden their footprint across Europe.

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):

Peru’s participation in the CPTPP, an agreement spanning 11 Pacific Rim nations including Japan and Canada, has unshackled new horizons by providing Peruvian garment producers access to a more extensive and diverse consumer base throughout the Asia-Pacific region.

By substantially reducing trade barriers, this accord has smoothed the path for Peruvian garment exports to flourish in these dynamic markets.

Andean Community Trade Agreements:

As a proactive member of the Andean Community alongside Bolivia, Ecuador, and Colombia, Peru has forged trade agreements with several nations, including the United States and Canada.

These cooperative accords have fostered a favorable trade environment for textiles and apparel originating from the Andean region, encouraging the exchange of garments among member nations and beyond.

Trade Agreements with Asian Countries:

Peru has proactively engaged in trade agreements with pivotal Asian nations such as China and South Korea, both influential players in the global garment industry.

These strategic alliances have empowered Peruvian textile and apparel companies to access Asian markets and nurture partnerships with Asian manufacturers.

Bilateral Agreements with Other Latin American Countries:

Peru has judiciously cultivated bilateral trade agreements with numerous Latin American nations, including Chile and Mexico, effectively augmenting trade prospects for its burgeoning garment sector within the region.

These FTAs have unquestionably furnished a substantial impetus to Peru’s garment industry, dismantling trade impediments, fostering international collaboration, and broadening avenues for market entry. They have been pivotal in advancing the growth and competitiveness of Peruvian textile and apparel manufacturers on the global stage. As the garment industry continues to evolve, these agreements are poised to remain essential in sustaining and enhancing Peru’s standing in the global garment market.

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