HK-PERU TRADE DEAL NEARS COMPLETION

17-5-2024

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Secretary for Commerce & Economic Development Algernon Yau and Peru’s Minister of Foreign Trade & Tourism Galdo Marín have jointly announced the substantial conclusion of negotiations over a free trade agreement (FTA) between Hong Kong and Peru.
 

They made the announcement in a meeting held on the sidelines of the Asia-Pacific Economic Cooperation Ministers Responsible for Trade meeting in Arequipa, Peru.
 

Mr Yau said: “The negotiations, which began in 2023, cover trade in goods, trade in services, investment and other related areas. I am pleased to note that our shared objectives in achieving a high-quality and comprehensive bilateral FTA are met.”
 

Noting that Peru is important trading partner for Hong Kong in Latin America, he said the FTA will enhance bilateral trade and investment ties between the two places. He added that it will give Hong Kong products, enterprises and investors legal certainty and better access to the Peruvian market, and bring mutual benefits to the economies of both places.
 

The two sides now aim to resolve some remaining issues and conclude their respective internal procedures with a view to signing the agreement this year.
 

Peru ranked fifth among Hong Kong’s merchandise trading partners in Latin America in 2023. Total merchandise trade between Hong Kong and Peru amounted to $5,231 million that year and grew at an average annual rate of 4% from 2019 to 2023.
 

Hong Kong has so far signed eight FTAs with 20 economies, including Mainland China, New Zealand, Chile, Macau, Georgia and Australia, as well as member states of the European Free Trade Association and of the Association of Southeast Asian Nations. 




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