Trade agreements and other.
The Chamber CCBLP or Chamber of Commerce and Culture of Belgium and Luxembourg in Peru
is focused on the development of trade and economic relations between Belgium, Luxembourg and Peru. Peru has plenty of reasons to be interesting, in "El Comercio" of January 2014 Peru was proclaimed by the European Union as the most interesting and beneficial even beyond Brazil. The EU represents the largest group of investors in the country with more than 50% of the total. Belgium is with 6% of the imports together with France on a fifth place after Germany 23%, Spain 20%, Italy 16% and 10% for the Netherlands.
The European Union
De op 26 juni 2012 te Brussel tot stand gekomen Handelsovereenkomst
tussen de Europese Unie en haar lidstaten, enerzijds, en Colombia en Peru, anderzijds is veelbelovend.
The European Forum of Luxembourg underlines that the Chamber of Deputies ratified two bills on April 1, 2014 for trade between the EU and Central America on the one hand and with Peru and Colombia on the other, by 58 votes to 2.
Given the fact that the EU is the main importer of fuels and mining products from Peru and the largest exporter to the country towards means of transport and machinery, and that sectors such as agriculture and fishery (which already represents 30% of total exports from Peru to the EU) will still be strengthened.
The agreement will encourage trade internationally in a transparent, non-discriminatory and predictable environment for entrepreneurs and investors thanks to a mechanism to address non-tariff barriers and, if necessary, an instance to resolve bilateral disputes. According to the estimates of the commission the agreement should allow EU exporters to save 270 million euro in customs duties a year. Once the agreement is official, it is expected that the GDP of Peru will increase by 0.7% and by 1.3% for Colombia.
Once fully implemented the agreement will eliminate duties on all industrial and fisheries products, expanding the market access of agricultural products, improve access to public markets as well as for markets for services and investment, further the reduce of technical barriers to trade and regulations especially with regard to intellectual property, transparency and competition.
AWEX (Agence Wallonne à l'exportation et aux Investissements étrangers) writes on his website: "Peru throws himself unmistakably as most emerging country and "its economy is today the most dynamic in Latin America" which gave Peru the flattering nickname "Tiger of the Andes”. The agreement also contains a chapter to facilitate cooperation in promoting competitiveness and innovation, modernization of production and trade and technology transfer between the Parties.
Peru has subscribed the guidelines of the ICSID (International Centre for Settlement of Investment Disputes) to solve disputes that might arise between foreign investors and the government. Peru has signed a total of 33 international agreements, including with Belgium and the Grand Duchy of Luxembourg.
According to the statistics of the ACE (International reinsurance group), 793 Belgian companies are exporting to Peru and 1,579 companies declare that they are interested this market.