Free trade agreement will double non-traditional exports to Japan
LIMA – On Wednesday the Lima Chamber of Commerce (CCL) announced that the Peru – Japan Free Trade Agreement – which will go into effect tomorrow – is expected to double non-traditional exports in the next three years, and said exports to Japan would would reach a total of $286 million a year. According to Andina, the CCL said nontraditional exports reached $134 million in 2011, which represents about 6.2 percent of total exports to Japan ($2.17 billion).The CCL said the new trade agreement would offer important opportunities for Peruvian entrepreneurs in the agricultural, fishing, textile, and fresh food sectors.
The trade agreement will provide preferential access to 99.8 percent of Peruvian exports to the Japanese market. According to Andina, 80 percent of Peruvian exports will have immediate support thanks to the agreement. The chamber of commerce said the agreement also established a framework for the promotion of investment between the two countries.
Peru and Ecuador agree to clear border landmines by 2016
LIMA – Ecuador’s President Rafael Correa arrived in Peru today, alongside members of his cabinet, to partake in the Fifth Binational Cabinet Meeting, according to Peru this Week. After the initial meeting, Peru’s Defense Minister After the initial meeting, Peru’s Defense Minister Alberto Otárola said the Peru and Ecuador border would be free of landmines by 2016. AlbertOtárola said that 1,495 mines were removed in 2011, ten times more than the number of landmines removed in 2010. Otárola said the Peru and Ecuador border would be free of landmines by 2016.
Otárola also said both countries had agreed to cooperate with each other to stop drug trafficking, illegal logging and mining, and the smuggling of fuel. Otárola indicated that both countries had signed a commitment to limit military expenditures. “Every country knows, for reasons of transparency and mutual trust, how much their counterpart is spending on military equipment,” Otárola said.
Buenaventura says gold output will be steady in 2012
LIMA – On Wednesday Buenaventura, the largest precious metals mine in Peru, estimated that gold output would remain stable in 2012, and predicted that silver extraction would increase between 11 to 18 percent. According to Gestión, Buenaventura expects to produce 1.05 million ounces of gold in 2012, similar to the 1.04 million in 2011, said Carlos Galvez, chief financial officer of the company, during a conference call with investors.
This figure includes production from Buenaventura’s 43.7 percent stake in Yanacocha, one of the largest gold mines in Latin America. The company plans to produce between 17 and 18 million ounces of silver – which would mean growth of 11 to 18 percent, compared to the 15.3 million ounces produced last year, reported Gestión. Buenaventura also owns an 18.7 percent stake in Cerro Verde, a major copper producer in Peru.