Peru signs a free trade agreement with Hong Kong.

Last week, Peru and Hong Kong finalized a free trade agreement (FTA) aimed at strengthening their trade ties and creating significant opportunities for the agricultural sector. The signing ceremony was attended by Peruvian President Dina Boluarte and Hong Kong Chief Executive John Lee Ka-chiu, along with Peru’s Minister of Foreign Trade and Tourism, Desilu Leon, and Hong Kong’s Secretary for Commerce and Economic Development, Algernon Yau.

President Boluarte emphasized that this FTA marks a significant step forward by providing Peruvian agricultural exporters with stable and predictable trade regulations. The agreement reinforces Peru’s commitment to inclusive and sustainable economic growth while paving the way for increased exports to the Asia-Pacific region.

In 2023, Peruvian exports to Hong Kong totaled $266 million, with agriculture playing a central role. Blueberries and grapes were the top exported products, highlighting the sector’s growing importance. The FTA is expected to further boost these exports by granting Peruvian farmers and agribusinesses enhanced access to a lucrative market.

The agreement ensures zero tariffs on agricultural exports indefinitely, making Peruvian products more competitive and appealing to Hong Kong consumers. Additionally, it streamlines trade procedures, helping exporters expand their reach and improve profitability.

Infrastructure projects such as the Chancay Port and the expansion of Jorge Chávez International Airport are further solidifying Peru’s position as an agricultural trade hub. Together with the FTA, these developments provide exciting opportunities for Peruvian farmers and agribusinesses to increase their presence in Asia, leveraging Hong Kong’s strategic role as a trade gateway.