Key Developments in Recent Negotiations
Peru and Thailand have reported significant progress in the second round of negotiations aiming to establish a comprehensive Free Trade Agreement (FTA). This new FTA is expected to incorporate commitments in trade of services, intellectual property, and temporary entry of persons to strengthen the relationship between both nations. The negotiations took place from August 13 to 16 in Bangkok, Thailand, with virtual formats used for discussions on trade of services and technical barriers to trade.
Current Trade Relations
Currently, trade between Peru and Thailand is governed by the Peru-Thailand Protocol and its four additional protocols, with the first three in effect since 2011 and the last one since 2003.
Export Data
In 2024, Peruvian exports to Thailand totaled $110 million, with key products including zinc, copper, molybdenum, natural dyes, and various fruits. In the first half of 2024 alone, shipments to Thailand amounted to $47 million, primarily consisting of seafood, agricultural, and mining products.
Key Actions and Ideas
- Objective: Establish a comprehensive FTA between Peru and Thailand to deepen their existing partial agreement from 2011.
- Negotiation Focus: The negotiations aim to incorporate commitments in trade of services, intellectual property, and temporary entry of persons.
- Current Trade Data: Peruvian exports to Thailand reached $110 million in 2024, with significant agricultural, mining, and seafood products being the main export categories.
- Trade Format: Due to ongoing COVID-19 restrictions, some negotiation sessions were held virtually.
Key Questions and Answers
- Q: What is the purpose of these negotiations?
A: The main goal is to establish a comprehensive Free Trade Agreement between Peru and Thailand, expanding upon their existing partial agreement from 2011. - Q: What aspects will the new FTA cover?
A: The new FTA will incorporate commitments in trade of services, intellectual property, and temporary entry of persons to strengthen the relationship between both countries. - Q: What are the key export products from Peru to Thailand?
A: Major exports include zinc, copper, molybdenum, natural dyes, and various fruits. In the first half of 2024, seafood, agricultural, and mining products were the primary export categories. - Q: How were the negotiations conducted?
A: Due to COVID-19 restrictions, some negotiation sessions were held virtually.
