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Peru textile exports to grow as FTA with Mexico starts

03
Feb '12
The Free Trade Agreement (FTA) between Peru and Mexico has come into effect this week. The FTA replaces the earlier bilateral Economic Cooperation Agreement between the two countries.

Peru-Mexico FTA will especially boost Peru's textile and garment exports as tariff preferences on textile, garment and other items have immediately become applicable.

The FTA incorporates over 12,000 products and the trade between both countries is expected to cross US$ 4,000 million by 2015.

The Agreement aims to gradually remove trade barriers, promote fair competition, facilitate the movement of goods and services and encourage investments between Peru and Mexico.

Bilateral trade between Peru and Mexico grew from US$ 414 million in 2000 to US$ 1,456 million in 2010, with average growth rate of about 13 percent per annum.

During the first 11 months of 2011, bilateral trade between the two countries was US$ 1,692 million. While Peru exported goods worth US$ 426 million to Mexico, it imported US$ 1,267 million worth of goods from the North American country.

Fibre2fashion News Desk - India


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