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Trade agreements allow Peru to better face coronavirus

Singapore’s economy grew by just 0.7 per cent in 2019, while its shipments contracted by 9.2 per cent – both the worst figures since 2009. Photo (Singapore's port): AFP. Sketched by the Pan Pacific Agency.

Pan Pacific Agency | COMMUICATION AGENCY FOR PACIFICA REGIONS

LIMA, Feb 14, 2020, ANDINA. Peru relies on a solid support in its trade agreements network in order to deal with situations such as that generated by the presence of coronavirus in the world, Peruvian Foreign Trade Society (Comex-Peru) General Manager Jessica Luna said on Thursday (Feb 13), ANDINA reported.

“Thanks to the trade agreements currently in force, we have various opportunities for our exporters to redirect their products to alternative markets,” she expressed.

According to the Foreign Trade and Tourism Ministry (Mincetur), Peru currently has 20 commercial agreements in force with 57 countries in the world, which cover more than 90% of the Inca country’s international trade network.

In this regard, Luna highlighted the efforts undertaken by Mincetur, the Ministry of Health, the National Superintendence of Customs and Tax Administration (Sunat), and the National Port Authority (APN) to remain attentive to any coronavirus alert.

Industrial zone

The officer said the area affected by coronavirus in the Asian Giant is an industrial one.

“So far, we have neither had any delay in the logistics chain or in the dispatch of our products to China, nor in the importation of products coming from that country,” Luna stated.

The Comex Peru officer mentioned that traditional products are basically exported to China. Within this framework, fishmeal and minerals —such as copper— stand out.

Besides, Luna mentioned that the Asian Giant has a large population and requires food, which Peru can provide.

However, she projected that if China reduced its growth projections for this year, “there would be a direct negative impact on our Gross Domestic Product (GDP).”

“For now we do not see that, but we must remain vigilant in order to have a capacity to react to an eventual slowdown in the Chinese economy,” she concluded.

It must be noted no coronavirus cases have been confirmed in Peru.

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