The two countries are seeking to simplify and streamline the entry and exit process for goods at customs facilities.
The Peruvian minister of foreign trade and tourism, Eduardo Ferreyros, and the Canadian ambassador to Peru, Gwyneth Kutz, signed Decision 1 of the Joint Committee for the Free Trade Agreement (FTA) (link in Spanish) that has been in force between the two countries for eight years. The provision will facilitate transactions between countries, allowing greater benefits for customs operators, a similar advantage as in the agreement that Peru reached with Australia last July.
“We agreed that when goods from either country go through transit or transshipment in a third country and are not stored there, the presentation of transportation documents will be sufficient. This will increase flexibility so that the two countries can really take advantage of the tariff benefits of the FTA,” explained Mr. Ferreyros.
He also mentioned that this is the eighth year since the FTA entered into force. It is estimated that the agreement has played a part in creating major trade opportunities for both Peruvian and Canadian firms. “In 2016, trade between the two countries reached US$2.36 billion, with exports of US$1.69 billion and imports of US$669 million. So far this year, exports have reached US$386 million while imports are at US$208 million,” he said.