Peru and Japan have signed a Free Trade Agreement (FTA), which will enter into force in July and lift tariffs on 99.8 per cent of goods during a 10-year period.
“We expect that Peru-Japan trade flowcan reach the growth rateof 30 per cent registred in 2010. We also expect that our non traditional exports to Japan surge 25 per cent,” Peru's Minister of Foreign Trade and Tourism Eduardo Ferreyros told Andina news agency.
The Peruvian Exporters Association (Adex) has welcomed the move, with president Juan Varilias Velásquez explaining in a press release that non-traditional exports from Peru will become more competitive on the Japanese market as a result.
In terms of fresh produce, Mr Varilias said products including asparagus, purple corn and giant corn from Cusco would have preferential access to Japan.
Before the earthquake and tsunami, Japan was the third-largest food importer in the world, according to Adex, particularly for ready-to-eat goods.
Figures from Adex Data Trade reveal that Peruvian exports to Japan between January and April of this year totalled US$849m, up 39 per cent on the US$610.5m recorded in the year-earlier period.
During the last five years, Adex said Peru’s trade with Japan has grown thanks to increases in exports of raw materials, textiles, fishery products and agricultural items such as asparagus, mangoes, bananas, coffee and corn.
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