The Ministry of Foreign Trade and Tourism (Mincetur) said on Monday that Peru and Thailand had updated their trade agreement as part of the meeting of Asia-Pacific Economic Cooperation (APEC) ministers responsible for trade (MRT ).
According to the ministry, this update will facilitate bilateral trade through improved commitments related to rules of origin.
As is known, the two countries negotiated commitments related to trade in goods between 2004 and 2010, which resulted in the “Protocol between the Republic of Peru and the Kingdom of Thailand to accelerate the liberalization of trade in goods and the facilitation of exchanges”, as well as three Additional Protocols, in force since 31 December 2011.
This protocol has contributed to making Asia a key destination region for Peruvian exports, consolidating Peru’s position in the Asian market, mainly due to the increase in trade.
In this regard, Gervasi explained that the fourth protocol mainly updates the provisions on rules of origin, highlighting the authorization of the use of certificates of origin with scanned or digital signatures, thus facilitating operators businesses to benefit from the aforementioned trade agreement.
The said protocol will enter into force in the coming months, once Thailand and Peru have completed their internal ratification procedures.
Significance of agreement
Since the entry into force of the “Protocol between the Republic of Peru and the Kingdom of Thailand aimed at accelerating the liberalization of trade in goods and the facilitation of trade” and its additional protocols in December 2011, Peru has endeavored to ensure that its main export products and those with export potential to the Thai market can benefit from preferential access to Thailand.
Thus, a wide range of Peruvian products (agricultural, fishery, industrial) were able to enter this market under better conditions.