Peru Free Trade Agreement with Canada: A Win-Win for Both Countries
Canada and Peru have deepened their economic ties with the implementation of the Canada-Peru Free Trade Agreement. This landmark agreement was signed in 2008 and has created a preferential trading relationship between the two countries. The free trade agreement removed tariffs on many goods and services, leading to increased trade between Canada and Peru.
The implementation of the Peru Free Trade Agreement has had a significant impact on the economies of both countries. Canada’s exports to Peru have increased by 64% since the agreement was signed, reaching $1.4 billion in 2019. On the other hand, Peru’s exports to Canada have also seen a notable increase of 75%, reaching $1.7 billion in the same year. The free trade agreement has also created new business opportunities for Canadian and Peruvian companies, especially in the areas of mining, agriculture, and renewable energy.
One of the biggest benefits of the Peru Free Trade Agreement is that it has provided Canadian businesses with access to a market of over 30 million people in Peru. This has resulted in increased exports of Canadian goods and services to Peru, particularly in the areas of telecommunications equipment, machinery, and pharmaceuticals. Canadian companies have also been able to take advantage of Peru’s growing middle class, who are keen to purchase high-quality goods from Canada.
Peru has also benefited greatly from the free trade agreement with Canada. The agreement has given Peruvian businesses access to a market of over 37 million people in Canada. Peruvian exports to Canada have increased significantly, especially in the areas of fruits and vegetables, fish and seafood, textiles, and minerals. The free trade agreement has also helped to stimulate investment in Peru, particularly in infrastructure projects.
The Peru Free Trade Agreement has been beneficial for both countries in terms of job creation. The agreement has led to the creation of new jobs in both Canada and Peru. Canadian companies have been able to expand their operations and hire more workers to meet the increased demand for their products and services. Similarly, Peruvian companies have been able to hire more workers to meet the growing demand for their products in Canada.
In conclusion, the Peru Free Trade Agreement has been a win-win for both countries. The agreement has resulted in increased trade, new business opportunities, and job creation. It has also helped to deepen the economic ties between Canada and Peru. The implementation of the free trade agreement has been a step in the right direction towards greater economic integration between the two countries, and it is expected to result in further economic growth and development in the years to come.