Peru's textile sector to benefit from EPA with Japan
13 Dec '11
1 min read
Close on the heels of a trade pact signed between Peru and Guatemala, Peru has ratified the Economic Partnership Agreement (EPA) with Japan.
The EPA with Japan is in accordance with Peru's strategy of widening its export markets through trade pacts. The strategy has helped Peruvian textile and apparel industry to strengthen its position in the Asia-Pacific Economic Cooperation (APEC).
According to Asian economies expert Carlos Aquino, EPA with Japan would greatly benefit the Peruvian textile and apparel industries, amongst others.
He said the agreement was inked with Japan in May this year and it provides for reducing tariff barriers that impede the exports of Peruvian products to Japan. On the other hand, the Andean nation would benefit from import of low-cost Japanese items like machinery, appliances and supplies.
Thus, next year onwards Peru would benefit from the two trade pacts inked with two of the Asia's biggest APEC member economies – China and Japan.
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