The Trade Integration Agreement (TIA) signed between Peru and Venezuela is likely to boost Peruvian textile and garment exports to Venezuela.
Peru's Ministry of Foreign Trade and Tourism (Mincetur) is aiming to implement the Agreement by mid-March this year, Carlos Posada, Deputy Minister of Foreign Trade, said.
The Minister said the TIA envisages duty free export of several Peruvian items that are already traded with Venezuela.
The TIA also includes around 600-700 items that are currently not exported to Venezuela and this gives a good scope for Peruvian exporters to take benefit from the agreement and increase their exports to Venezuela, the Minister added.
In 2011, Peru's textile and garment exports registered 26.6 percent year-on-year growth to reach US$ 1.98 billion. While textile exports rose by 23.2 percent y-o-y to US$ 446 million, garment exports grew by 27.6 percent y-o-y to US$ 1.53 billion.
During the year, Peru's textile exports to Venezuela increased by 39 percent year-on-year to US$ 54 million.
Currently Venezuela accounts for 23 percent of Peru's total garment exports.
Fibre2fashion News Desk - India