4037 Outline of the Agreement between Japan and the Republic of Peru for an Economic Partnership

In November 2010, the two leaders of Japan and the Republic of Peru declared the successful conclusion of the negotiations for Japan-Peru Economic Partnership Agreement (JPEPA), on the basis of a series of negotiations since May 2009. The JPEPA was signed by both countries in May 2011, and entered into force in March 2012.
The JPEPA became the thirteenth economic partnership agreement for Japan, following those concluded with Singapore, Mexico, Malaysia, Chile, Thailand, Indonesia, Brunei, all of ASEAN, the Philippines, Switzerland, Vietnam and India.

1. Summary of the agreement
The JPEPA promotes liberalization and facilitation of trade in goods and in services between Japan and the Republic of Peru, thereby enhancing bilateral partnership regarding economic activities, while also strengthening cooperation in various areas including competition and intellectual property.

2. The significance of the agreement
Peru is Japan's 53th export partner and 36th import partner (2022 Trade Statistics, Ministry of Finance).
Peru is one of the main countries which adheres to the stable free economic policy in Latin America where has recently attracted attention because of abundant natural resources and a rapid economic growth. The trade liberalization and facilitation, the investment promotion and the system maintenance of related fields will contribute to expand business opportunities and strengthen not only economic but also whole relationship between Japan and Peru.

3. The key elements in the agreement
 (1) Trade in goods: Agreement of comprehensive tariff elimination and reduction for industrial products, and for agricultural products in bilateral trade.
 (2) Customs procedures and trade facilitation: Provisions for ensuring the transparency of customs procedures, the proper application of customs-related laws, the framework for securing quick clearance of goods, and the promotion of bilateral cooperation and intelligence exchange.
 (3) Technical regulations, standards and conformity assessment procedure: Provisions for international standards, compulsory standards, conformity assessment procedures, technical cooperation, transparency, intelligence exchange, etc., to expand and promote the trade between two countries.
 (4) Cross-border trade in services: Agreement of equal national treatment, most favored nation status and market access to service providers of the other signatory nation in areas other than those kept on hold in the Appendix.
 (5) Telecommunications services: Ensuring a fair access to telecommunications infrastructures, number portability, treatment by major suppliers, etc. for service providers of the other signatory nation.
 (6) Entry and temporary stay of person for business purposes: Provisions for an approval of entry and temporary stay of the persons from the other signatory nation for business purposes, a simplification of conditions and procedures, and improvement of transparency.
 (7) Intellectual property rights: Ensuring adequate, effective and non-discriminate protection of intellectual property rights, which goes far beyond the commitment level in WTO.
 (8) Improvement of the business environment: Provision for improvement of business environment, establishment of sub-committee, designation of the Liaison Office, etc.
 (9) Cooperation: Bilateral cooperation in 8 areas (trade and investment promotion, industry, fisheries, science and technology and environment, information and communications technology, tourism, agriculture, transport, and other fields to be mutually agreed by the Parties).