Peruvian President Ollanta Humala starts up on Friday the Pacific Alliance's Trade Protocol, Foreign Trade and Tourism Minister Magali Silva affirmed.
"Finally, the automatic tariff reduction will enter into force [across the bloc] for 92% of the national supply traded among the four nations," Silva told Andina news agency.
FTA
As is known, The Pacific Alliance Free Trade Agreement (FTA) will enter into force on May 1st, 2016.
Currently, such bloc accounts for nearly 4% of Peru's foreign trade activities. It has contributed to the expansion of the country's exports and imports.
Thanks to the trade protocol, new regulations on accumulation of origin and trade facilitation mechanisms will be set up to dynamize exports.
Moreover, the said tool will ensure member countries' greater presence in regional and global value chains.
Pacific Alliance
The Pacific Alliance is a regional integration mechanism reuniting four member countries: Chile, Colombia, Mexico and Peru.
The bloc promotes the free transit of capitals, services and people, as well as cooperation within the region.
(END) CNA/JJN/HMC/MVB