Invest in Peru | United Kingdom | “It is essential to remain competitive by ensuring a stable and predictable business environment”

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Penny Mordaunt, UK Secretary of State for Trade Policy, said: Management On bilateral trade between the UK and Peru, and what will be the outlook now that our country has ratified the Comprehensive and Progressive Treaty of Trans-Pacific Partnership (CPTPP), as well as how the investments of European countries will progress in our economy .

Why is the UK interested in joining the CPTPP? How will this situation affect the regions of Latin America and the Caribbean?

The UK is looking for new and ambitious trading relationships with the world’s most dynamic economies, particularly the Asia-Pacific region. We want to harness the potential of free trade to spur economic growth and work together for post-coronavirus revitalization. Being a member of the CPTPP will help us achieve these goals. It is a high-quality agreement with modern provisions in areas such as electronic commerce, trade in services and environmental protection.

It will also support the UK’s goal of increasing trade and investment with Latin America and the Caribbean, which remains well below its potential. Joining the treaty could guarantee lower tariffs on exports, such as whiskey or cars, which are in high demand in the region and could also reduce tariffs on the export of wheat and cheese to Peru.

– What is the role of the UK in promoting CPTPP as an international mechanism?

Accession to this treaty would send a strong signal that the UK, as an independent trading nation, will continue to advocate for free and fair trade, fight protectionism and overcome trade barriers every time. opportunity. In terms of long-term goals, the UK is keen to join the CPTPP to support high value-added jobs in industries of the future as we recover and rebuild better after the pandemic.

What is the impact of Peru’s ratification of the CPTPP and how will this affect trade relations with the UK?

We are glad that you have ratified the agreement. We believe it will bring many benefits to Peruvian producers and consumers, allowing them to access better and larger markets for goods and services.

Regarding trade relations between Peru and the UK, membership in the CPTPP will allow us to strengthen trade relations between our two countries, as well as increase investment opportunities. This will add to our existing FTA, open up opportunities for the companies in which we work together and facilitate cooperation between our governments.

Bilateral investment and trade

What is the UK’s role in investing in Peru?

The UK is the main investor in Peru. Foreign investment can be a tremendous catalyst for creating better jobs and increasing innovation and productivity. It is therefore essential to remain competitive by ensuring a stable and predictable business environment.

The government-to-government agreement for reconstruction between Peru and the United Kingdom is helping to rebuild some of the country’s social infrastructure and mitigate the effects of future natural disasters, following the damage caused by El Niño.

– What other points can you highlight regarding investment in the country?

We continue to explore opportunities in transport and social infrastructure, as well as renewable energy to contribute to a sustainable recovery. I was able to discuss this with the Minister of the Economy and Finance during my visit.

On the other hand, the lack of agreement between the UK and Peru to avoid double taxation in our economies is a significant obstacle to further investment, so we expect to see progress in this area very soon.

– What is your opinion on the growth potential of bilateral trade and investment in Peru? Under what mechanisms?

We aspire to significant growth as the UK builds its post-EU and post-COVID-19 trade relationship, and that includes Peru. The UK-Andean Free Trade Agreement, of which Peru is a member, is an excellent starting point for this, as it lowers tariffs on goods and creates opportunities in the services sector.

However, We can do more to open markets and facilitate increased trade. Through the UK-Peru Trade Review, launched during my visit at the end of September, we will identify areas of greatest growth to ensure that both countries continue to benefit from our agreement and potential partnership under the CPTPP. .

During my visit, we jointly launched the Peru-UK Trade Review with my counterparts (Department of Foreign Trade and Tourism – Minister).

Penny Mordaunt, UK Secretary of State for Trade Policy

What is the trade balance between Peru and the UK?

We have a trade balance of £ 233 million (over $ 320 million) for Peru. This is mainly due to Peru’s success in its exports of agricultural products to the UK.. We are delighted to see trade flows growing in both directions, which will contribute to the prosperity of both countries.

What other products can Peru send to the UK and vice versa?

During my visit, we jointly launched the Peru-UK Trade Review with my counterparts (Department of Foreign Trade and Tourism – Minister). The review will identify a number of ways to further boost trade by removing barriers to high-end UK products such as whiskey.

Is there a possibility of negotiating a bilateral free trade agreement?

We already have a modern free trade agreement between the UK and the Andean countries, which guarantees preferential trade terms for most products. but stay We can do more to boost bilateral trade, for example by providing hands-on support and encouraging UK businesses to partner more with the Peruvian private sector. We also have the opportunity to increase bilateral trade through CPTPP.

The impact of climate change is one of the most important issues on the international agenda. What do you think is the impact of the CPTPP on sustainable development?

Over the past two years, our countries have worked in strategic partnership on climate issues through the International Climate Fund (ICF) and sustainable infrastructure programs, which aim to reduce carbon dioxide emissions. Through the CPTPP, we will be able to work collaboratively in forums related to sustainability, advocate for clean growth and collaborate in the global fight against climate change.

sustainable and inclusive economic growth

Penny Mordaunt, UK Secretary of State for Trade Policy, said the European country is a global leader on climate action, and this could be reflected in his plans for COP26, which will take place in Glasgow in the weeks to to come.

“Through various funding programs, such as the Climate Finance Fund, Prosperity and Newton, they support the planning of infrastructure, innovation and sustainability projects in Peru. In addition, we play an international leadership role in developing partnerships to address land-use change and deforestation, including their associated reduction in the agricultural supply chain, Mordaunt said.


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