GENEVA — Trading partners at a global forum lauded Peru for its trade and investment reforms that include the reduction of its applied tariffs, with average duties for industrial goods declining to 3.1 percent in 2013 from 7.2 percent in 2007.
“The United States commends Peru for the sound economic policies it has implemented since 2007,” Quentin Baird, a member of the U.S. mission to the World Trade Organization, told a two-day review session of Peru’s trade policies this month. “The cornerstone of Peru’s policies has been an open trade and investment regime.”
Baird said two-way trade in goods between the U.S. and Peru “is nearly $16 billion and the outlook for future growth is positive.”
A report compiled by the WTO notes the number of duty-free tariff lines has increased to 55.9 percent in 2013, up from 43.6 in 2007.
The European Union delegation to the WTO also praised Peru “for having continued with success its strategy of trade liberalization.”
Similarly, China, the biggest trading partner for the South American nation, said from 2007 to 2012, Peru’s imports and exports almost doubled “thanks to its ambitious…trade and investment-led development strategy.”
However, China was also critical of Peru’s investigating authority “for its self-initiated” antidumping investigation in June 2012 against apparel and accessories from China, the final determination of which is due to be made at the end of the year.
The WTO report points out that many of Peru’s antidumping measures applied to textiles and footwear, and also shows that despite the reforms, high tariffs still prevail for textiles and apparel. It reveals that in 2013, tariffs for 690 textile lines averaged 8.4 percent, and 11 percent for 289 apparel lines, substantially higher than the average of 3.1 percent for all industrial goods.
In 2012, Peru’s merchandise exports reached $45.6 billion, compared to $28 billion in 2007, the last time it was reviewed, and its imports were valued at $42.1 billion compared to $20.3 billion in 2007, according to WTO data. Last year, Peru’s exports of textiles reached $488 million, and shipments of apparel were valued at $1.6 billion, with the U.S. the destination for apparel worth $628 million.