Peru pledges Hong Kong trade pact rollout this year
SCMP · 1 SOURCESabout 1 hour ago2 MIN
Summary
Peru’s new government has pledged to put its free-trade agreement with Hong Kong into effect in 2026, presenting the move as part of a strategy to strengthen Peru’s role in trade, investment and services between South America and the Asia-Pacific . The commitment appeared in Prime Minister Luis Galarreta’s policy address to lawmakers, even though the administration’s first comprehensive programme made no direct reference to mainland China or the Chinese-operated Chancay megaport .
Key Points
- Prime Minister Luis Galarreta told Peru’s Chamber of Deputies on Thursday that commercial openness would remain state policy under President Keiko Fujimori’s administration .
- Galarreta said the government would promote the Hong Kong free-trade agreement’s entry into force during 2026, while pursuing new agreements and regional exports .
- He said Peru’s long-term goal was to become a platform for trade, investment and services between South America and the Asia-Pacific, while staying active in Apec and other blocs .
- Peru ratified the Hong Kong agreement in mid-July by decree, weeks before Fujimori took office, and the measure also covered a 2024 parallel letter on professional services .
- Peru imported US$28.6 million of goods from Hong Kong last year, mainly steel, chemical and metalworking products, while exports to mainland China reached about US$32 billion .
Why It Matters
For Hong Kong businesses, the planned start of the agreement could create a clearer framework for trade and professional services with Peru, even though the launch date has not yet been announced . The omission of mainland China from the new government’s first policy blueprint may also draw attention because China remains Peru’s biggest trading partner and a major investor .