Peru: Reforms Have Resulted In Sizeable Benefits

Reforms have resulted in sizeable benefits and should continue

Peru has continued to liberalize its trade regime which, in the context of other reforms and a favourable external environment, helps explain its robust economic performance since its previous Review in 2000 according to a WTO Secretariat report on the trade policies and practices of Peru.

However, Peru has also moved away form its largely uniform tariff structure, thus increasing the level of effective assistance to some sectors. Additional selective assistance has also been granted through several fiscal incentives, some of which are contingent upon the use of domestic inputs or domestic processing requirements, the report says.

According to the report, the current favourable economic environment presents an opportunity to inject greater competition into the domestic market, set up a more uniform incentive structure by rationalizing incentive schemes, and consolidating reforms in some services sectors to help reduce remaining bottlenecks, in particular those arising from poor infrastructure.

The WTO report, along with a policy statements by the Government of Peru, will be the basis for the third TPR of Peru by the Trade Policy Review Body of the WTO on 17 and 19 October 2007.

Notes:

Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries' trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored.

ENDS

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