{"id":816337,"date":"2025-01-01T05:20:05","date_gmt":"2025-01-01T11:20:05","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/01\/hk-peruvian-fta-to-power-sars-trade\/"},"modified":"2025-01-01T05:20:05","modified_gmt":"2025-01-01T11:20:05","slug":"hk-peruvian-fta-to-power-sars-trade","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/01\/hk-peruvian-fta-to-power-sars-trade\/","title":{"rendered":"HK-Peruvian FTA to power SAR’s trade"},"content":{"rendered":"
\n

\n\t\t\tThe free-trade agreement between Hong Kong and Peru will put the SAR in the global spotlight and fast-track regional trade, according to the city\u2019s delegate to a key working group of the Asia-Pacific Economic Cooperation, or Apec.<\/p>\n

\nPeruvian exporters and shippers also welcomed the pact and expressed interest in expanding their businesses in Hong Kong, citing the city\u2019s strategic location in Asia and connections with the mainland.<\/p>\n

\nMarjorie Yang, a Hong Kong, China, representative on the Apec Business Advisory Council, said one of the biggest features of a free-trade agreement is lowering, or abolishing, tariffs.<\/p>\n

\nBut that wasn\u2019t the case here.<\/p>\n

\n\u201cRight now, this trade agreement eliminates tariffs on the Peruvian side, but Hong Kong doesn’t have any tariffs to eliminate. So Peruvian business have always been welcome to come and do business in Hong Kong,\u201d she said.<\/p>\n

\nYang, who’s also the head of Esquel Group, one of the world’s biggest textile and apparel manufacturers, explained what the Hong Kong-Peruvian FTA is really about.<\/p>\n

\n\u201cBilateral agreements are always good because if you can’t get (something) like CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) going, you can get bilateral agreements and gradually push.\u201d<\/p>\n

\n\u201cSo this agreement \u2026 the terms are such that if there are better terms reached in other bilaterals, we would also benefit.\u201d<\/p>\n

\nEdgar Vasquez, a former minister of foreign trade and tourism in Peru, stressed that free trade deals have many facets.<\/p>\n

\n\u201cThe main focus of the free trade agreement is to have the possibility to cooperate with each other in many other aspects with regards to goods, because we have sanitary and phytosanitary measures, technical barriers to trade, intellectual property,\u201d he said.<\/p>\n

\nNow representing the Peruvian Association of Exporters, Vasquez believes the agreement boosts exposure of Hong Kong in Peru and vice versa.<\/p>\n

\n\u201cI\u2019m sure that with the free trade agreement, as with our experience with the United States, our exports exploded. With China also, our exports increased a lot. We signed with Thailand, with Australia, our exports are growing.\u201d<\/p>\n

\nFor Liverita, a Peruvian freight forwarder and consultancy firm, Hong Kong was already on its radar years ago.<\/p>\n

\nIt set up an office in the SAR in 2020 and followed up with another outlet in Shanghai later that year.<\/p>\n

\nGeneral manager Carolina Hurtado said she was extremely grateful for the assistance from InvestHK, the SAR government arm tasked to lure direct foreign Investment.<\/p>\n

\n\u201c[That\u2019s] because you really don’t have an idea of how many ports or how many locals or chamber of commerce I have visited and asked for information. I mean, what do I need? What info, what documents, what is the process, how much I need to invest?\u201d she said.<\/p>\n

\n\u201cWe are pretty (good) friends right now with them (InvestHK).\u201d<\/p>\n

\nHurtado added that Hong Kong\u2019s advanced infrastructure and robust financial sector makes it an ideal destination for investors.<\/p>\n

\n\u201cI know that the financial companies in Hong Kong are pretty big, more than 100 banks, right? In Peru we don’t have more than 20. They don’t have a lot of bank investors or bank information for international products.\u201d<\/p>\n

\n\u201cBut I know Hong Kong (has) got that.\u201d\t\t<\/p>\n<\/div>\n

Lloyd Grisby
Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The free-trade agreement between Hong Kong and Peru will put the SAR in the global spotlight and fast-track regional trade, according to the city\u2019s delegate to a key working group of the Asia-Pacific Economic Cooperation, or Apec. Peruvian exporters and shippers also welcomed the pact and expressed interest in expanding their businesses in Hong Kong<\/p>\n","protected":false},"author":1,"featured_media":816338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[140594,414],"tags":[140593,6008],"class_list":{"0":"post-816337","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-hk-peruvian","8":"category-power","9":"tag-hk-peruvian","10":"tag-power"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/816337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=816337"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/816337\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/816338"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=816337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=816337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=816337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}