4061 Outline of the Agreement between Japan and the Republic of Peru for an Economic Partnership

Talks on the agreement between Japan and Peru for an economic partnership started with an agreement reached between the top leaders of the two countries in April 2009. The talks started in May 2009. After confirming the completion of talks at the top-level meeting of two countries in November 2010, the agreement was signed in May 2011 and took effect on 1 March 2012.

The Japan-Peru EPA became the thirteenth economic partnership agreement for Japan, following those concluded with Singapore, Mexico, Malaysia, Chile, Thailand, Indonesia, Brunei, all of ASEAN, Philippines, Switzerland, Vietnam and India.

1. Summary of the agreement

The agreement contains provisions of liberalization and facilitation of trade in goods and services, telecommunications services, intellectual property rights, competition, improvement of business environment, bilateral cooperation, etc.

2. The significance of the agreement

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 mining and 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).