EFTA and Peru assess functioning of new free trade agreement

Published 19-04-2013
The Joint Committee established under the free trade agreement (FTA) between the EFTA States and Peru held its first meeting on 17 April 2013 in Geneva.

The EFTA-Peru FTA entered into force between July 2011 and July 2012 for the five contracting parties. It has a broad coverage, notably including trade in goods, protection of intellectual property rights, investment and government procurement.

The Joint Committee welcomed the smooth and effective implementation of the FTA to date. It adopted its rules of procedure as well as a decision updating the product-specific rules of origin. Delegations furthermore agreed to commence negotiations in due course on a full chapter on trade in services and the possible inclusion of provisions on trade and sustainable development.

EFTA’s spokesperson in the Joint Committee was Ambassador Didier Chambovey, from Switzerland, while Mr Diego Alonso Urbina Fletcher, Director in the Ministry of Foreign Trade and Tourism, headed the Peruvian team.

Merchandise trade between the EFTA States and Peru has developed strongly over the last decade, with annual growth averaging 24%. Between 2011 and 2012, the annual increase amounted to 40%. Total bilateral trade reached USD 661 million in 2012, with significantly more exports from Peru to EFTA (USD 474 million) than vice versa (USD 187 million).