• 4 min de lectura
• 4 min de lectura
As of September 1st of this year, Peru and Hong Kong are entering a new phase of their bilateral relationship, as the Free Trade Agreement (FTA) signed between both economies has come into effect. This marks a new milestone in the country's commercial integration with Asia, which will provide greater security and predictability for Peruvian exports, expand opportunities for Peruvian goods, services, and service providers, and contribute to strengthening the bilateral trade relationship.
Hong Kong is the sixth destination market for non-traditional Peruvian shipments in Asia, so the FTA will deepen the presence of higher value-added Peruvian products in that market.
"With the agreement signed with Hong Kong, we expand our network of trade agreements, and now we have 25 trade agreements with 59 countries, to which we add the economy of Hong Kong," stated José Luis Castillo, Director General of the General Directorate of International Trade Negotiations at the Ministry of Foreign Trade and Tourism (Mincetur).
The official detailed that negotiations for this FTA began in 2022 and it was signed in November 2024. "It has already come into effect, and it is a broad agreement, covering trade in goods, services – including financial services – as well as issues related to intellectual property protection; that is, it is a quite broad and comprehensive agreement," he affirmed in the Económika Supplement of Diario El Peruano.
According to the Mincetur representative, the FTA with Hong Kong supports Peru's strategy to consolidate its position within the Asia Pacific region.
"The objective is to turn Peru into a hub for South America with a view to the Asia Pacific, and this FTA, added to the agreements signed with other Asian economies, will allow us to achieve that objective," Castillo referred.
Among the benefits of the agreement are tariff reduction for both parties (zero tariff), as well as chapters related to sanitary and phytosanitary measures.
"These measures will provide greater transparency and predictability in the application of technical sanitary requirements for products from Peru and Hong Kong. In this way, the entry of Peruvian products into this important Asian market is facilitated," he asserted.
Castillo also highlighted the issue related to trade in services. "The agreement contains provisions that establish a stable legal framework for exporting and importing services without restrictions. This creates opportunities for both cross-border service shipments and for software services, mobile applications, audiovisual material, among others," he specified.
He added that this will allow for partnerships between Peruvian and Hong Kong companies, especially small and medium-sized enterprises (SMEs), with a view to exporting services to China.
The Mincetur official commented that the Chancay megaport establishes a direct route from Peru to Asia and has reduced the number of days needed to reach that market.
"This opens up a series of possibilities for perishable Peruvian products, since, previously, due to travel time, they could not be commercialized. This is fundamental," he detailed.
Castillo states that, among the agreements currently being negotiated, there is an FTA with the United Arab Emirates, an agreement that has already had three rounds of negotiations.
"We also have an open negotiation with India, and we also have accessions under negotiation, such as Costa Rica's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). We are also expanding our bilateral agreement with Uruguay, which covers trade in goods, and we are complementing it with other provisions related to trade in services and investments," he pointed out.
