Hong Kong and Peru have signed a Free Trade Agreement (FTA) on the sidelines of the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting in Lima, Peru.
Hong Kong and Peru signed a Free Trade Agreement (FTA) on November 15 (Lima time), during the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting in Lima.
The FTA was signed in the presence of the CEO, Mr. John Lee, the President of Peru, Ms. Dina Boluarte, the Secretary for Commerce and Economic Development, Mr. Algernon Yau, and the Minister of Foreign Trade and Tourism of Peru, Mrs. Úrsula Desilú León Chempén.
Peru is Hong Kong’s valued trading partner in Latin America, and also one of the participating countries of our country’s Belt and Road Initiative.
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The Agreement signed is the first FTA signed by the current-term HKSAR Government, carrying strategic value to both Hong Kong and Peru.
The FTA encompasses trade in services (including electronic commerce), trade in goods, investment and other related areas.
The FTA’s overall commitments go beyond those undertaken by the two economies under the World Trade Organization, and the trade in Hong Kong can be benefited from elimination or reduction of tariff, and reduction of trade barriers.
Service providers and investors, likewise, can be benefited from legal certainty of better market access and national treatment when entering and operating in Peru.
Under the FTA, Hong Kong service providers can enjoy benefit in over 150 services sectors Peru has made specific commitments under the FTA.
Peru ranked fifth among Hong Kong’s merchandise trading partners in Latin America in 2023, with bilateral merchandise trade amounted to HK$5.2 billion. The bilateral merchandise and services trade between Hong Kong and Peru grew at an average annual rate of 4 per cent (from 2019 to 2023) and 16.3 per cent (from 2018 to 2022) respectively. The FTA negotiations between Hong Kong and Peru commenced in January 2023 and were concluded in July 2024.
Hong Kong is actively seeking to expand its economic and trade network, such as seeking early accession to the Regional Comprehensive Economic Partnership and exploring FTAs or IPPAs with emerging markets including potential partners in the Middle East and other regions along the Belt and Road.
Following the signing of the FTA with Peru, the geographical scope of the Dedicated Fund on Branding, Upgrading and Domestic Sales is also extended to cover Peru (as the 40th eligible economy) with immediate effect to further support Hong Kong enterprises in developing their businesses there.
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