Chile Peru Free Trade Agreement
The Chile Peru Free Trade Agreement: An Overview
The Chile Peru Free Trade Agreement (CPFTA) was signed in 2006 and came into effect on March 1, 2009. This agreement established a free trade zone between the two countries, significantly reducing trade barriers and facilitating the flow of goods and services between Chile and Peru.
The CPFTA covers a wide range of products and services, including agricultural goods, seafood, industrial products, textiles and clothing, and digital services. Since the implementation of the agreement, bilateral trade between Chile and Peru has increased substantially, with both countries benefiting from expanded export markets and increased economic growth.
The CPFTA also includes provisions for the protection of intellectual property rights, which helps to encourage innovation and creativity in both countries. The agreement also includes provisions for labor and environmental protections, ensuring that trade benefits all parties involved.
One of the most significant aspects of the CPFTA is the elimination of tariffs on goods traded between the two countries. This has made it easier for Chilean and Peruvian businesses to export their products to each other`s markets, thereby increasing competition and promoting economic growth.
In addition to the elimination of tariffs, the CPFTA also includes provisions for the liberalization of trade in services, which has helped to promote increased investment and economic cooperation between the two countries. This has led to closer integration of the Chilean and Peruvian economies, with businesses in both countries benefiting from increased access to markets and resources.
Overall, the Chile Peru Free Trade Agreement has been highly beneficial for both countries, promoting economic growth and development while also facilitating increased cooperation and integration between Chile and Peru. As trade continues to expand between the two countries, it is likely that this agreement will continue to play an important role in promoting economic prosperity and regional cooperation in South America.