LIMA, Oct 15 (NNN-ANDINA) — United Kingdom’s Minister for International Trade, Nigel Huddleston, and Peru’s Minister of Foreign Trade and Tourism, Juan Carlos Mathews, met in Lima for the second UK-Peru Trade Dialogue.
Both officials celebrated 200 years of relations between the two sovereign nations and welcomed the continued strengthening of the bilateral trade and cooperation through the existing Trade Agreement between the United Kingdom and Peru and the UK’s recent accession to the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP).
The ministers agreed to continue working together to ensure that citizens and businesses understand and benefit from these agreements.
In this regard, they asked officials to work on a joint communication plan highlighting the benefits that the CPTPP and the UK-Andean Countries Trade Agreement have to offer to all sectors of society and, in particular, to small- and medium-sized enterprises.
Both of them recognized the advances made in driving bilateral trade to record levels and committed to continuing efforts to identify new opportunities and remove barriers for business.
They asked their officials to continue following up the negotiation of a double taxation agreement which will provide business certainty, as well as boost investment and competitiveness.
The officials discussed key sectors of interest and explored ways to improve access to each other’s markets. They welcomed the launch of the Bilateral Trade Review, on trade of goods and services, with the aim of finding ways to deepen and strengthen our bilateral trade relationships.
The ministers welcomed the work by officials, within the framework of the UK-Andean Countries Trade Agreement, and the importance of that forum in helping resolve market access issues. Huddleston recalled the need to continue to address the issue of taxation treatment. They agreed on the importance of continuing partnership on tackling the climate crisis, through bilateral and multilateral fora.
Huddleston highlighted the UK’s support to Peru in energy transition efforts, including in the green hydrogen sector, where Peru is currently working to develop a roadmap.
The ministers agreed to continue working together as advocate champions of openness and fair and free trade on the multilateral stage, including the World Trade Organization (WTO). They reflected that 200 years of relations between the two countries had forged deep and unbreakable links.
The UK is currently the largest foreign investor in Peru, and UK’s partnership in infrastructure has helped build resilience in the face of increased climate challenges.
Mathews highlighted the positive impact of the United Kingdom’s investments in key sectors such as mining, finance, and communications, as well as the opportunities that arise in other sectors.
Moreover, the ministers agreed that UK’s accession to the CPTPP provides the UK and Peru opportunities to further deepen our long-standing and robust relationship by enhancing opportunities for trade and investment.
Alongside tariff reductions, the CPTPP allows both countries to further liberalize the UK-Peru trading relationship and work on opening up opportunities in sectors to drive sustainable growth and prosperity. — NNN-ANDINA
