The authorities of Guatemala and Peru advanced in developing a roadmap to put into effect the Free Trade Agreement (FTA) signed in 2011 to increase bilateral trade, as reported to the press by the Ministries of Foreign Trade on September 29.
The implementation of the agreement will move the dynamics of many companies of different industries and brands of both countries that have been waiting for this advance for a long time.
Héctor Marroquín Mora, Vice Minister of Integration and Foreign Trade of Guatemala, held meetings in that regard with his Peruvian counterparts last week, and expects the FTA to take effect in the first quarter of 2025.
Guatemalan authorities consider trade relations with Peru important because they are in position 23 in its exports and 29 in its imports.
On the other hand, Guatemala is Peru’s second trading partner in Central America and putting the FTA into effect will allow bilateral trade to be strengthened, “particularly for Peruvian small and medium businesses that look towards this market for their internationalization due to the proximity and affinity”, stated the minister of the sector Desilú León.
“This expands the opportunities for products such as cocoa and cocoa butter, fresh grapes, oranges, garlic, asparagus, mandarins, clothing, zinc manufactures, among others, which will be able to access the Guatemalan market free of tariffs”, said the Peruvian minister.
In turn, the main products that Guatemala exports to Peru are chemical inputs, veterinary medicines, diagnostic reagents, varnishes, inks, color lacquers, among others, which will also be free of tariffs for five years.