12:29 | Washington D.C. (US), Aug. 16.
Peru’s open trade and investment policy is an integral part of a broader economic formula, which is centered on creating an environment that encourages business activity, Peruvian Ambassador to the U.S. Luis Miguel Castilla affirmed.
"Sound macroeconomic policies, a stable legal framework and respect for the rule of law are part of this equation," the Ambassador wrote in an article published by Americas Quarterly.
Peru’s comprehensive FTAs reinforce this policy, helping businesses take full advantage of the market opportunities created, he added.
The terms of Peru’s FTAs extend beyond merchandise trade, applying to services, investment, government procurement and a range of regulatory areas through which Peru’s domestic procedures are streamlined with those of its trading partners and made more efficient.
These include customs and trade facilitation, technical import requirements and food safety measures, among others.
Peru’s FTAs also include the latest generation of labor, environmental and intellectual property standards.
All these provisions make Peruvian businesses competitive. Moreover, most of Peru’s FTAs contain investment chapters that build further investor confidence and make the country a more attractive destination for foreign investment.
Annual flows of foreign direct investment in Peru grew from $2.6 billion in 2005 to more than $9 billion in 2013, he noted.
The article was made possible thanks to a contribution made by the Embassy of Peru in the U.S.
(END) NDP/MVB
Published: 8/16/2015