BRASÍLIA: A new trade agreement between Brazil and Peru will facilitate exports. The Economic and Trade Expansion Agreement signed by the two governments, now approved by the Senate, establishes the reciprocal liberalisation of services and opening of government purchases. With the measure, the Peruvian government’s tenders to buy goods and services will now be open to Brazilian companies, and vice-versa. In the services area, the commitments signed by Peru significantly surpass (in quantitative and qualitative terms) the minimum obligations the country has undertaken before the World Trade Organization (WTO).
Brazilian service providers are also now better poised to participate in sectors of great interest, such as information and communication technology, tourism, transport, engineering, architecture and entertainment. In the investment area, the agreement establishes a guarantee of non-discrimination, consolidates the mechanism for prevention of disputes and establishes guidelines for arbitration proceedings. The agreement also includes provisions for future areas of cooperation, allowing the two countries to establish additional collaboration agendas and investment facilitation agreements in any areas with potential for development of a more dynamic environment for business. The trade agreement between Brazil and Peru also includes a chapter on investments, similar to the other Cooperation and Investment Facilitation Agreement Brazil has already signed with other countries in Latin America and Africa.
