INTERNATIONAL TRADE AGREEMENTS
The Canada-Peru Free Trade Agreement (FTA), Labour Cooperation Agreement (LCA) and Agreement on the Environment (EA) entered into force on August 1, 2009.
Peru is a dynamic emerging market with 28 million people and an economy with high growth potential. In 2008, two-way merchandise trade between Canada and Peru totalled more than $2.8 billion. The FTA will stimulate the growth of the bilateral commercial relationship.
Canada – Peru Agreement on Labour Cooperation
On May 29, 2008, Canada and Peru signed a free trade agreement (FTA) and two parallel agreements in the areas of labour and environment. The Canada-Peru Agreement on Labour Cooperation is based on cooperation between the parties to promote and enforce fundamental labour principles and rights at work. It also provides for an open and transparent dispute resolution process. Both countries are obligated to respect the Labour Cooperation Agreement, and could face financial penalties if its provisions are violated. (Source: Human Resources and Skills Development Canada – http://www.hrsdc.gc.ca/eng/labour/labour_agreements/cpalc/index.shtml)
Canada – Peru Agreement on the Environment
The Agreement on the Environment between Canada and the Republic of Peru (the Canada–Peru Environment Agreement) was signed on May 29, 2008, and came into force on August 1, 2009. This Agreement commits both countries to encourage high levels of domestic environmental protection, to foster good environmental governance and to promote transparency and public participation. It also creates a framework for undertaking environmental cooperative activities. (Source: Environment Canada – http://ec.gc.ca/international/bilat/peru_e.htm)