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WT/TPR/M/393 18 December 2019 (19-8785) Page WT/TPR/M/393 18 December 2019 (19-8785) Page: 1/50 Trade Policy Review Body 22 and 24 October 2019 TRADE POLICY REVIEW PERU MINUTES OF THE MEETING Chairperson: H.E. Mr Manuel A.J. Teehankee (Philippines) CONTENTS 1 INTRODUCTORY REMARKS BY THE CHAIRPERSON ...................................................... 2 2 OPENING STATEMENT BY THE REPRESENTATIVE OF PERU .......................................... 3 3 STATEMENT BY THE DISCUSSANT ............................................................................. 12 4 STATEMENTS BY MEMBERS ....................................................................................... 14 5 REPLIES BY THE REPRESENTATIVE OF PERU AND ADDITIONAL COMMENTS ............. 43 6 CONCLUDING REMARKS BY THE CHAIRPERSON ........................................................ 49 Note: Advance written questions and additional questions by WTO Members, and the replies provided by Peru are reproduced in document WT/TPR/M/393/Add.1 and will be available online at http://www.wto.org/english/tratop_e/tpr_e/tp_rep_e.htm. WT/TPR/M/393 • Peru - 2 - 1 INTRODUCTORY REMARKS BY THE CHAIRPERSON 1.1. The fifth Trade Policy Review of Peru was held on 22 and 24 October 2019. The Chairperson, H.E. Mr. Manuel Teehankee (Philippines), welcomed the delegation of Peru, headed by MRs. Sayuri Bayona Matsura, Vice Minister of Foreign Trade; H.E. Ambassador Silvia Elena Alfaro Espinosa, Permanent Representative of Peru to the WTO; the rest of the delegation from Peru, and other colleagues from the Mission in Geneva; and the discussant, H.E. Ambassador Mr. Tan Hung Seng (Singapore). 1.2. The Chairperson reminded Members that the United Nations Industrial Development Organization (UNIDO) was participating as an ad hoc observer in this TPR. 1.3. The Chairperson recalled the purpose of TPRs and the main elements of procedures for the meeting. The report by Peru was contained in document WT/TPR/G/393 and that of the WTO Secretariat in document WT/TPR/S/393. 1.4. Questions by the following delegations were submitted in writing before the deadline: Indonesia; Canada; Chinese Taipei; New Zealand; Guatemala; Chile; Singapore; European Union; Ukraine; Argentina; Hong Kong, China; Uruguay; Mexico; China; Brazil; United States; and Russian Federation. The following delegations submitted written questions after the deadline: Ecuador; Colombia; Australia; Costa Rica; Malaysia; the Philippines; Iceland; and Thailand. 1.5. At the time of its previous Review, Members had commended Peru on its remarkable economic performance, with an annual average GDP growth rate of almost 7%, based on prudent macroeconomic management and the continuation of structural reforms. Members had then highlighted Peru's achievement in almost doubling its merchandise exports and quadrupling FDI inflows during the review period. Members had also welcomed the improvements made regarding poverty alleviation and reduction in unemployment and had invited Peru to step up efforts regarding further social inclusion and investment in human capital and infrastructure. 1.6. Peru had also been commended for its reforms in the area of trade facilitation, by making operational a single window, and by using risk analysis to clear merchandise through customs and had been encouraged to make further efforts to facilitate trade. Members had highly appreciated Peru's unilateral decision to reduce its MFN simple applied tariff, but had expressed some concerns with respect to the coverage and application of the Selective Consumption Tax, the use of the drawback and the application of trade remedies. Questions had also been raised with regards to Peru's incentives schemes, and the price band system. 1.7. From reviewing the reports presented for the current Review, Members noted that, during the review period, Peru had continued on the path of solid growth, with GDP expanding at an average rate of some 4%, and it had been an active participant in the multilateral trading system. Since its last Review, Peru had continued to lower tariffs, introduced trade facilitation measures, and reduced the number of anti-dumping measures in place. However, challenges with respect to social and financial inclusion remained, and Peru had yet to complete the updating of its competition policy legislation. It was to be interesting to hear Peru's views with respect to these and other issues, such as intellectual property, government procurement, the use of the price band system for agricultural products, fisheries, and new mining legislation, among others. 1.8. Peru received over 360 advance written questions from 26 delegations for this Review, covering a broad range of topics. The Chairperson looked forward to hearing Peru's updates on these issues. 1.9. The Chairperson closed his introductory remarks by wishing Peru a very successful fifth Trade Policy Review. WT/TPR/M/393 • Peru - 3 - 2 OPENING STATEMENT BY THE REPRESENTATIVE OF PERU (MRS. SAYURI BAYONA MATSURA) 2.1. On behalf of the delegation of Peru, my cordial greetings to all present. My special thanks go to the Chair of the Trade Policy Review Body, Ambassador Manuel Teehankee, of the Philippines, for his introductory remarks; to the WTO's Members, for participating in this fifth trade policy review of Peru, and to Ambassador Tan Hung Seng of Singapore for agreeing to serve as discussant. My thanks also go to the WTO Secretariat for the preparation of its report on Peruvian trade policy. 2.2. Recognizing the great importance of the Trade Policy Review Mechanism in observing the principle of transparency in the multilateral trading system, I take this opportunity to share with you the main aspects of our economic and trade policies, the results obtained during the review period and the policies and plans Peru has been implementing to improve its competitiveness in the years ahead. 2.3. During the period 2013–2018, the Peruvian economy stood out as one of the fastest-growing economies in Latin America, despite an unfavourable international context and the impact of natural disasters in northern Peru. 2.4. Real GDP during this period grew on average by 3.7%. This means that the Peruvian economy has maintained uninterrupted growth for 20 years running, accelerating growth in GDP per capita, which rose from USD 6,600 in 2013 to USD 7,000 in 2018. 2.5. This has been possible because the country has maintained solid macroeconomic fundamentals, as reflected in an average inflation rate of 2.9% between 2013 and 2018; a sound fiscal position; low public debt, accounting in 2018 for 23.7% of GDP; and strengthened external accounts, with international reserves equivalent to 26.9% of GDP in 2018. Thanks to those improvements, Peru has the region's second-highest credit rating and lowest country-risk. 2.6. For the period 2020-2023, the Peruvian economy is expected to achieve growth rates above 4%, driven mainly by increases in private and public investment and by economic policies to improve the country's productivity and competitiveness. As a consequence of these efforts, Peru has maintained its leadership position for growth in the region. 2.7. Economic growth and stable policies have enabled a steady reduction in the levels of poverty and inequality. Between 2013 and 2018, total poverty contracted from 23.9% to 20.5% of the population – having fallen over the longer term from 37% in 2008 – and extreme poverty fell from 4.7% to 2.8%. Between 2008 and 2018, formal employment rose from 20.8% to 27.6% – an increase of 6.8 percentage points. Maintaining that trend is a crucial challenge on the agenda for inclusive growth in Peru. 2.8. For 25 years Peru has maintained a trade policy of openness and liberalization aimed at driving economic growth and helping the country integrate into global markets and value chains, with a view to enhancing the well-being of its people and the development of the country. 2.9. That policy has in recent years produced positive results for trade and investment. Trade in goods increased from USD 84,000 million in 2013 to USD 89,000 million in 2018. Our exports have grown steadily since 2015 to a historic high of USD 48,000 million in 2018. 2.10. Exports of non-traditional products – the greatest source of value-added, diversification, employment and capacity building – reached a record high in 2018 of more than USD 13,000 million. That result can be attributed largely to growth of 71.7% in the agricultural export sector during the 2013-2018 period, including such products as blueberries, fresh avocados, fresh grapes and mangos. 2.11. As shown in the graph on the main destinations for value-added Peruvian exports, diversification of both products and markets has been a priority for Peru, with a separate strategy of trade promotion and market development for each of our regional trade markets and a special focus on small and medium-sized enterprises. Our challenge now is to replicate the success achieved for agricultural exports in the manufacturing and service sectors, among others. WT/TPR/M/393 • Peru - 4 - 2.12. Peru is also giving priority to exports of services as a mechanism for inclusion and integration with global and regional value chains, capitalizing on the creativity and innovative capacity of our people. Total service exports increased by 26% during the 2013-2018 period. 2.13. The regulatory framework was improved during the review period by means of the Law on the Promotion of Trade in Services and Tourism and the inclusion of chapters on trade in services in our trade agreements. Various initiatives have also been developed to identify businesses with export potential and improve their capacity, especially in respect of high value-added services, such as digital animation, services to mining, software development and healthcare, among others. 2.14. Together with open trade, Peru's institutional framework is favourable toward private investment, local as well as foreign, with a stable and predictable legal framework for the promotion and protection of investments, as well as arrangements for the incorporation of private investment into the development of infrastructure and public services projects.
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