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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

[Canadian] Trade Agreement with Peru Opens Doors to Latin America

Tuesday, July 07, 2009 > 09:57:12
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The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, today [Thursday] announced that legislation to implement Canada’s free trade agreement with Peru has been adopted by Parliament and received Royal Assent.

This agreement will provide benefits to Canadian companies by eliminating tariffs on goods, promoting two-way investment and expanding access for Canadian companies in this key market. “Ensuring free and open trade is vital to the international effort against the global recession. Canadians can count on our government to oppose protectionism and defend free and open trade on the world stage,” said Minister Day.

“This agreement with Peru will provide opportunities for Canadian companies looking to expand their business into Latin America. It will open new doors in key sectors such as extractive industries, manufacturing, agriculture and financial services – all areas in which Canadians have extensive expertise.”

Canadian producers will benefit from the elimination of tariffs on exports into Peru. Many agricultural exports such as wheat, barley, lentils and peas will enjoy immediate duty-free access.

The legislation also involves parallel agreements on labour cooperation and the environment. The labour agreement commits Canada and Peru to respecting and enforcing standards such as the elimination of child and forced labour, freedom of association and the right to bargain collectively. The environmental provisions commit both countries to pursuing high levels of environmental protection, enforcing and maintaining their domestic environmental laws, and not relaxing these laws to encourage trade and investment.

“These agreements will help increase prosperity, help provide better working conditions, and improve environmental management,” said Minister Day. “We recognize the progress made so far, and we will continue to engage Peru on these issues. This is another example of the government’s commitment to strengthening our relationships in Latin America.”
The Government of Canada is working to implement all three agreements as early as July 1, 2009.

For more detailed information, and for the complete text of the agreements between Canada and Peru, please visit:
http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/andean-andin/index.aspx.

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