Mexico and Peru agree textile tariff-free tariffs

Mexico and Peru recently signed a trade integration agreement, including mutual reduction of tariffs and other measures, scheduled to take effect on February 1, 2012.

The main purpose of the agreement is to promote bilateral trade and investment between the two countries, covering goods, services, investment, government departments and dispute settlement.

The two sides will open 12,000 product tariffs within 10 years. After the agreement comes into force, 83% of industrial products in Mexico, including textiles and paper products, will immediately be able to enter the Peruvian market without tariffs, and food-related products will be tax-deducted in 10 years. 76% will be exempt from tariffs within 10 years.

Among them, the products that enjoy quotas include onions and peppers, and they exclude the use of 18% sensitive agricultural products. For Mexico, in addition to industrial products, 43% of Peruvian agricultural products will be free of tariffs.

Mexico and Peru signed the ACUERDODECOMPLEMENTACIONECONOMICA (ACEN°8) in 1987 and expanded the agreement in 2000 to include services trade, intellectual property rights and investment.

In addition, after two years of consultations between the two secretaries of the Mexican ink, on April 6, 2011, they signed a bilateral “Trade Integration Agreement” in Peru, which includes a free trade agreement and was passed by the Mexican National Assembly.

According to statistics from the Mexican Bank of Mexico, Mexico’s exports to Peru in the last 10 years have an average annual growth rate of 25%. In January-November 2011, Mexico’s exports to Peru amounted to US$1.18 billion, a 32.1 percent growth over the same period in 2010. %.

Mexico has signed 13 free trade agreements worldwide as follows: North American Free Trade Agreement (NAFTA), Bolivia, Costa Rica, Colombia, Nicaragua, Chile, European Union, European Free Trade Association (EFTA), Israel, Central America, Northern Triangle Countries (Guatemala) , Honduras and El Salvador), Uruguay, Japan, Peru.