Sunday, January 25, 2009
Looking to the East -- Peru and South Korea to discuss a FTA in March
Preliminary work for the FTA was compiled in Lima January 20-21, days after the Asian Pacific Economic Cooperation (APEC) had concluded.
“At the preliminary talks, the two sides agreed upon the scale, formation, process and schedule of the Korea-Peru FTA, and together laid the groundwork for effective negotiations in the future," the ministry said.
The two sides will now examine each others drafts of the Agreement before meeting in March, at which point they will debate and hopefully find a middle ground on how to go about opening each market up to one another.
This is great evidence of something that has been written about on this site since its creation, that is—the Pacific countries of Asia and South America are finding cooperating in both economic and political contexts is beneficial for all parties and increasingly necessary in this global and interconnected world.
Thursday, November 6, 2008
New Line: Peru in focus
“As representative of the IMF I trust that Peru is ready to face the global financial crisis and it will continue with its sustainable growth within this context. Both, Peru and Chile, have good conditions to face these swings of the international economy”, stated the official who, at the same time, congratulated president-elect Barack Obama of the United States of America.
Trujillo, Nov. 05 (ANDINA).- Peru and Chile will become world economy locomotives due to their economic dynamism and solid basis, and before the lower growth rate to be registered by United States and Europe as a result of the international financial crisis, Chile’s Finance minister, Andrés Velasco, said Wednesday.
“Emerging countries of Asia, Latin America, and Africa will continue growing next year, and in some way, they will become the locomotives of the world economy. Therefore, our voice is more important than ever, which is based on our own experiences and achievements", he said.
He pointed out that the international situation is difficult; however, Latin American countries like Peru and Chile have taken preventive measures and can face the financial crisis with their fiscal discipline and strong fundamentals, as well as with their high levels of investment, external balance, resources and liquidity.
...
Click here to access the full article from Andina.com
PeruPetro pointed out that the production increase was mainly because of greater consumption in electric power stations.
The average daily production of natural gas in October was 353.74 million cubic feet, which represents a reduction of 5.03 percent compared to last September.
...
Click here to access the full story from Andina.com
Monday, September 15, 2008
News Line: Peru
Lima, Sep. 11 (ANDINA).- Peru and Singapore, considered an important economy in Asia, are about to become the most important hubs in the Asia Pacific Region, which will allow foreign investments access to this region and vice versa, noted the President of the Extraordinary High Level Commission APEC 2008 (CEAN) Luis Giampietri, who said both countries are in a privileged geographical position and have a perfect port and airport infrastructure to facilitate businesses.....
Click here to access the full article from Andina
2) ChinaTel Group to bis for wireless 2.5gHz spectrum licenses in Peru
Lima, Sep. 14 (ANDINA).- ChinaTel Group, a business entity seeking to acquire and operate WiMAX networks in key markets throughout the world, plans to participate in an upcoming auction to bid for wireless 2.5GHz spectrum licensing for Peru... Click here to access the full article from Andina.
3) Canadian and Australian investors explore business opportunities in Amazonas, Peru Amazonas, Sep. 14 (ANDINA).- A group of business people from Canada and Australia has visited the Peruvian department of Amazonas to explore various investment opportunities and tour the several local tourist attractions....
Canadian ambassador Geneviéve des Riviéres and the Australian consul were pleased by the warm welcome they have received from local residents and businesses.
The delegation flew over the Pongo de Manseriche, located in the Condorcanqui province, to observe the potential of this watershed as well as appreciated the magnificent Gocta Waterfall, the third highest in the world.
They also visited on Sunday the Kuélap Fortress, which is the most extensive monument of the Peruvian ancestral past.....
Click here to access the full article from Andina
4) Analysts predict British Direct Investment in Peru likely to surpass 2007 record of $2.9 billion
Lima, Sep. 14 (ANDINA).- British direct investment in Peru would increase this year, surpassing 2007's record $2.9 billion, the third largest foreign investment in the country last year, said the British Ambassador to Peru, Catherine Nettleton.......
"In December last year, the major foreign investors in Peru were Spain with 3.7 billion dollars (23.25 pct), the United States with 2.9 billion (18.54 pct) and the United Kingdom with 2,9 million (18.14 pct)", she detailed......
Among British companies operating in Peru are HSBC, Standard Chartered Bank, Royal of Scotland, SAB Miller, Rio Tinto, Anglo American, Monterrico Metals, BHP Billiton, Xtrata, Minera IRL and Menzies Aviation.
Other companies are Orient Express, Emissions Trading, Icecap, Ecosecurities, Unilever, British American Tobacco, GlaxoSmithKline, AstraZeneca, Willis Insurance, PWS, Jardine Lloyd Thompson, WPP, Cadbury Schweppes, CSM Logistics, Gold Oil, Pan Andean Resources and Shell......
Click here to access the full article from Andina
5) Korea interested to explore possible investments in development related projects
Bagua Grande, Sep. 14 (ANDINA).- The director of Korea International Cooperation Agency (Koica) in Peru, Woo Chae-Suk will visit this Tuesday the northern city of Bagua Grande in the Utcubamba province (Amazonas) to assess and explore a variety of business opportunities in the area. "Koica volunteer program coordinator, Kweon Ok Hee, will accompany Chae Suk on his visit in which they will get to know the economic, social, educational, agricultural, health and environmental situation of local residents," Amazonas municipal representative Edwin Hidalgo Ocampo announced today. Click here to access the full article from Andina
Sunday, August 17, 2008
APEC discusses Peruvian initiatives to speed up trade

The "Inca Window," for Commercialization of Commodities, a term coined at this meeting in Cusco, describes the major goals of APEC as establishing a institution and order in which the 21 members of the bloc will benefit from
1) Increased efficiency and speed in trade
2) Reduced costs associated with trade
3) A closer and more "functional" relationship between regions/ countries which will thereafter encouarge further levels of exchange and cooperation.
Peru believes that by 2010, a mechanism of "anticipated resolutions" will clarify customs obligations for imports.
Rather abstract statement if you ask me, and one few Chinese readers will have any understanding of what it truly means (in my opinion). However, it is nice to see Peru making Chinese press and thus i'll consider it news worthy considering the focus of this site.
Actions and words being exchanged in Cusco are re-reverberating as far as China... "Cool" no?
Click here to access the full story from Xinhua
Thursday, August 14, 2008
APEC economies continue efforts to establish Asia-Pacific Free Trade Area
I personally question how it will over-lap, conflict, or work in tandem with the various Free Trade Agreements already in existence and established by countries of Asia-Pacific region.
For instance, will this further hinder regional economic cooperation from the Andean Community or Mercosur in South America?
Will the already established FTA agreement between Chile and China and the one currently being negotiate by Peru with China cover different issues than a pan-asia one which includes China?
Updates to come after I do some digging into some of these questions and others.
Click here to access a full story pertaining to this topic, courtesey of Andina.com (Peruvian Press).
Wednesday, July 9, 2008
Peru, China reaffirm will to negociate FTA -- reports Chinaview.cn
Chinese state media Xinhua News reported on July 3rd -- Peru, China reaffirm will to negociate FTAEditor: Sun Yunlong
LIMA, July 3 (Xinhua) -- Peruvian Minister of Foreign Trade and Tourism (Mincetur) said Thursday that Peru and China have reaffirmed their political will to continue negotiations for a bilateral Free Trade Agreement (FTA).
Mercedes Araoz made the remarks after the 4th Round of FTA Negotiations between the two countries concluded here Thursday.
"The dialogue must not stop, we have had work meetings at negotiators level, the vice minister (of Exterior Trade, Eduardo Ferreyros) and myself have talked with the chief negotiator of China and we have agreed that there is all the political will to find a solution," Araoz said.
"We want the agreement to be something viable for both countries, to seek mutual benefit, not to affect our interests," Araoz added.
Araoz said the Peruvian negotiation team, formed by members of Mincetur, is also discussing with the Peruvian private sector to take their position into account to ensure a proper negotiation.
Peru and China aim to sign an FTA during the APEC summit scheduled for next November in Peru.
Thursday, June 5, 2008
Americas Summit ends amid controversials - Xinhua News Brief
MAR DEL PLATA, Argentina, Nov. 5 (Xinhuanet) -- The 4th Summit of the Americas with the participation of heads of state and government and representatives from 34 countries concluded here on Saturday with delegates of the meeting having adopted the final document with partial disagreement over free trade issues.
Describing the summit as "successful," Argentine Foreign Minister Rafael Bielsa, general coordinator the summit, told a news briefing that the two-day summit has agreed "all the contents of the document which has been under negotiation...All the obstacles have been eliminated."
The successfulness of the meeting lies in the fact that delegates of the summit "have reached an agreement over the importance and the necessity of trade integration in the West Hemisphere," Bielsa said.
The Argentine foreign minister also admitted that negotiations over free trade issues are difficult. But he rejected the saying that the agreement concerning the the Free Trade Area of the Americas (FTAA) is dead.
The FTAA advocates elimination of trade barriers from Canada to Chile. "This (FTAA) agreement is not dead in the water," Bielsa insisted.
Speaking of controversial ideas over the FTAA, Bielsa said "there is no condition to continue talks over the issues of free trade in the region."
The theme of the summit, chosen by the Argentine government as host, is "Creating jobs to fight poverty and Strengthening democratic governance." However, mass media has noticed that leaders from across Americas failed to overcome their differences over a push to create a hemisphere-wide trade area.
The failure to reach an agreement at the Americas Summit demonstrated a showdown over differing views on free trade between US President George W. Bush and his Venezuelan counterpart Hugo Chavez, who is leading a Latin American bloc that opposes US trade policy.
The Bush administration is trying to prompt the Americas Summitto build support for reviving the FTAA, which would eliminate trade barriers from Canada to Chile. It has stalled amid opposition from Venezuela, Brazil, Argentina, Paraguay and Uruguay which have been complaining about US farm subsidies.
Chavez, the most strident opponent of US-backed free-market economic policies, vowed to "bury" Washington's plan to expand trade in Latin America.
"Every one of us has brought a shovel, an undertaker's shovel, because here in Mar del Plata is the tomb of FTAA," Chavez told a mass rally organized by anti-free trade activists.
Addressing the Americas Summit, Argentine President Nestor Kirchner also criticized US-backed free-market recipes, which dominated in the region in the 1990s but failed to reduce poverty and inequality.
"We criticize the policies because we saw the results in Argentina's crisis in 2001 and the fall of various democratic governments in the region," he said.
Brazilian President Luiz Inacio Lula da Silva attached importance to free trade in the region, saying "Free trade is very important if we respect equality among nations." However, Lula told reporters that it was "not opportune" to discuss the FTAA before a crucial World Trade Organization meeting next month in Hong Kong, where subsidies would be the top issue.
The 5th Summit of the Americas is expected to be held in Trinidad and Tobago.
The Argentine authorities reportedly have mobilized some 35,000 policeman and government troops to guard against any possible terror attack in the period of the international conference.
However, violence and riots eclipsed the international summit which has been controversial at the very beginning. Tens of thousands of people from Argentina, Cuba and Brazil held demonstrations and a mass rally against US President George W. Bush and US economics policies outside the "exclusive zone" in Mardel Plata where the summit was inaugurated on Friday.
Bush, who arrived here Thursday night to attended the two-day summit, is unpopular among many Latin Americans who oppose the US-led Iraq war and his push for a regional free trade deal.
Clashes between the demonstrators and police occurred soon after the hemispheric political forum started. The angry demonstrators, who tried to break up cordons set up outside the venue of the summit, threw Molotov cocktails towards riot police, smashed the glass storefronts of at least 30 businesses nearby. Heavily armed police in turn fired tear gas and rubber bullets to drive away demonstrators.
Dozens of people, including several policemen, were wounded in the clashes. At least 64 people were arrested in Mar del Plata, according to Argentine Interior Minister Anibal Fernandez.
In addition to violence in the beach resort city, riots also occurred in downtown Buenos Aires where hundreds of protesters took to the street. Several stores and commercial institutions were set ablaze and seriously damaged. At least 85 people were detained in the capital. No death was reported so far.
Streets around the venue of the Americas Summit has turned to be quiet when the summit ends on Saturday. Enditem

