The vice minister of foreign trade announced today that Peruvian exports to Costa Rica are expected to increase by 20% in the short term once the Free Trade Agreement between the two countries goes into effect.

Carlos Posada, the vice minister, explained that the trade agreement is a “development tool that gives exporters the opportunity to explore not only commercial aspects, but also investment promotions.”

He told the Andina news agency that though the international crisis has impacted Costa Rica in some productive sectors, those effects could be reverted with a business partner like Peru.

Posada believes the estimate of a 20% growth is based on tariff preferences under the free trade agreement in force since the middle of June 2012.

The two nations are meeting in Costa Rica as part of ExpoPeru Central, which is aimed at promoting Peru in several aspects like trade and investment.

Article by Peru This Week