The commercial agreement between Peru and Hong Kong will be signed at the APEC Summit 2024.

The Deputy Minister of Foreign Trade, Teresa Mera, has confirmed that a trade agreement between Peru and Hong Kong is expected to be signed during the upcoming APEC Summit 2024. This announcement was made at the event titled 'Commercial Opportunities Peru-Hong Kong: A New Look at the Asian International Hub,' organized by the Association of Exporters (Adex). This initiative is seen as a fundamental step to increase predictability in future business and promote investments in various sectors, both goods and services. Gabriel Arrieta Padilla, head of Economic Studies and Exporters’ Intelligence at the Center for Research on Global Economy and Business of Exporters Cien-Adex, highlighted that the agreement will not only benefit current exports but will also serve as a boost to diversify Peru's offerings to the Hong Kong market. Currently, Peru exports grapes, blueberries, avocados, and other products, but the potential for growth is considerable, suggesting that there is still ample room to expand the range of products sent to this Asian economy. In this context, Padilla emphasized that 81% of Peruvian exports to Hong Kong are concentrated in a small number of products, such as grapes, blueberries, and fishmeal. This underscores the need to diversify the portfolio of Peruvian exports to ensure greater resilience and adaptability in such a dynamic market. "The trade agreement being developed will significantly contribute to that objective," Padilla stated, emphasizing the opportunities that could arise in other sectors. Data from the ADEX Data Trade Commercial Intelligence System indicates that between January and June 2024, Peruvian shipments to Hong Kong reached $126,246,000, representing a 22.7% growth compared to the same period the previous year. When breaking down the figures, it is noted that traditional products, such as gold and fishmeal, experienced a notable increase, while non-traditional products saw a decline, suggesting the need to review export strategies. The president of Adex, Julio Pérez Alván, stressed the importance of strengthening information exchange spaces between institutions and companies from both countries. This could facilitate the creation of more effective strategies tailored to the needs of the respective markets, potentially leading to sustained growth for both sides. In 2023, Peruvian shipments to Hong Kong totaled $258 million, with the most notable products being grapes ($93 million), blueberries ($84 million), and avocados ($18 million). Positive variations in export figures indicate a growing interest and stable demand for these products in the Hong Kong market. Furthermore, the trade relationship between Peru and Hong Kong has been strengthening over the years, with Hong Kong being the 15th destination for national value-added offerings in 2023, accounting for 1.3% of total Peruvian exports. Of this percentage, 79% of exported products were agro-industrial, highlighting the importance of the agricultural sector for the Peruvian economy in the context of bilateral relations. The upcoming trade agreement is part of a broader context of cooperation and development in the Asia-Pacific region, where Peru has sought to position itself as a strategic partner. Active participation in the APEC Summit not only offers the opportunity to formalize this agreement but also to establish new trade relations that could mutually benefit both parties. In summary, the imminent signing of the trade agreement with Hong Kong could represent a turning point for Peruvian exports. The potential for diversification and growth in key sectors could translate into a strengthening of the national economy and an increase in competitiveness in international markets. Expectations are high, and all signs point to this step being crucial to solidifying the relationship between Peru and Hong Kong in the years to come.