HK and Peru sign Free Trade Agreement in Lima, Peru

Hong Kong and Peru signed a Free Trade Agreement (FTA) on November 15 (Lima time) on the sidelines of the Asia-Pacific Economic Cooperation Economic Leaders' Meeting in Lima, Peru.

In the witness of the Chief Executive, Mr. John Lee, and the President of Peru, Ms. Dina Boluarte, the Secretary for Commerce and Economic Development, Mr. Algernon Yau, and the Minister of Foreign Trade and Tourism of Peru, Mrs. Úrsula Desilú León Chempén, signed the FTA.

"Peru is Hong Kong's valued trading partner in Latin America, and also one of the participating countries of our country's Belt and Road Initiative. The Agreement signed today is the first FTA signed by the current-term HKSAR Government, carrying strategic value to both Hong Kong and Peru. Apart from helping Hong Kong to gain entry into the great potential market of Peru, the FTA also provides manufacturers, service providers and investors of Hong Kong and Peru with legal certainty and better conditions, creating business opportunities and enhancing bilateral trade and investment between the two places," Mr. Lee said.

"The Agreement heralds the beginning of closer bilateral relations between Hong Kong and Peru. I believe that the unique advantages of Hong Kong under 'one country, two systems', including open and friendly business environment, simple and low tax regime, free flow of information and capital, and a pool of high quality talent with global vision, would enable Peru to better grasp development opportunities for the future," he added.

Mr. Lee noted that the commencement of negotiations of a separate Investment Promotion and Protection Agreement (IPPA) between Hong Kong and Peru is encouraging, and trusted that Hong Kong and Peru will further enhance bilateral investment flows to bring about economic growth of the two sides.

Following the signing of the FTA with Peru today, the geographical scope of the Dedicated Fund on Branding, Upgrading and Domestic Sales is also extended to cover Peru (as the 40th eligible economy) with immediate effect to further support Hong Kong enterprises in developing their businesses there.

Related News:

Algernon Yau seeks closer ties between HK, Apec members

China-Latin America cooperation boosts global sustainable development