Business executives from Peru and Costa Rica are geared up to reap full benefits of the Free Trade Agreement (FTA) signed between the two countries. Representatives from 12 companies from Costa Rica went to attend Expo Peru to seek new partners, diversify markets, create new strategic alliances and ultimately to serve the needs of potential Peruvian consumers. While Peruvian exports to Costa Rica are expected to climb 20 percent in the short term post-FTA as per Vice Minister of Foreign Trade, Peru, Carlos Posada.
The FTA between Costa Rica and Peru, which came into effect on June 1, provides immediate relief to 80% of the Costa Rican products such as chocolate, tea, milk-based drinks and powdered beverages for their entry into Peru. On the other hand, Peruvians products like asparagus, grapes, corn, resins, rubber, textiles, jewellery and precious metals will have an easy access to Costa Rican markets. Among the products excluded from the agreement are coffee, potatoes, onion, rice, medical and other industries. The Peruvian trade mission seeks to establish business with Costa Rican companies in areas such as hardware, toys, building materials, food, plastics and other industrial goods.
According to the Ministry of Foreign Trade of Costa Rica, in 2012 it exported goods worth $18.2 million to Peru, primarily in products such as prepared foods, medicines, caps and metal caps, syringes, needles and catheters. For its part, Peru exported to Costa Rica U.S. $ 46.2 billion in goods such as plates, sheets and plastic sheets, frozen fish fillets, preparations for animal feed, among others.
Experts in the trade industry believe that Peru is one of the ideal partners for Costa Rica and also their commercial offerings are complementary with each other. From what I can see, the trade expo will give new perspectives not only to the traders but government on both the sides to explore the benefits of FTA.
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