Edgar Vasquez, Vice Minister of Foreign Trade of Peru, was in India recently to push for a comprehensive free trade agreement (FTA) covering goods, services and investments between the two countries. The Dollar Business caught up with him to understand the rationale behind the proposed FTA, which is in line with the agreements the Latin American nation already has with 53 countries.
TDB: Peru and India are working hard to ink a free trade agreement (FTA). How important is this FTA for Peru?
Edgar Vasquez (EV): Peru is a key trade partner for India as it ranks third amongst India’s export destinations in the Latin American and the Caribbean (LAC) region. The country can well serve as a hub for Indian investors in the region. We are currently the fastest growing economy in Latin America and have already signed 19 FTAs in goods, services and investments with 53 countries. We also have bilateral agreements with US, EU, China, Japan, Canada and South Korea, amongst others.
The Indian government has agreed to negotiate a comprehensive free trade agreement with us and we hope Peru becomes the first Latin American country to ink such a pact with India that includes accords on both goods and services. Going forward, this FTA would be a significant landmark in Peru-India relations and would solidify the traditional fraternal relations that have existed between India and the Latin American countries. Peru and India share many common objectives. Our terms for the comprehensive treaty extend beyond merchandise trade as it also includes services and investment. This agreement will eliminate trade and tariff barriers and will bring companies from both the countries closer, while generating a wave of new trade opportunities. Also, this FTA will comprehensively address the issue of movement of human resources.
TDB: Now that US has withdrawn from the TPP, how important is it for Peru to create a broader Asia-Pacific accord with India and China?
EV: Peru is a member of WTO and it is very open to international trade. International trade constitutes more than 45% of Peru’s GDP. Trans-Pacific Partnership (TPP) is now in a special situation with US walking out, but the bloc is still important for us.
Bu hikaye The Dollar Business dergisinin April 2017 sayısından alınmıştır.
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Bu hikaye The Dollar Business dergisinin April 2017 sayısından alınmıştır.
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