Textile and clothing trade between Peru and Venezuela is set to get a boost as ‘Acuerdo de Alcance Parcial de Naturaleza Comercial’, meaning partial scope trade agreement, has entered into force from August 1, 2013.
The agreement has come into force after the General Secretariat of the Latin American Integration Association (ALADI), based in Montevideo, announced ratification of the agreement last week, the Peruvian Foreign Ministry said.
The agreement was signed between the two Latin American nations on January 7, 2012, in the city of Puerto Ordaz, and its ratification by ALADI was a formal requirement for its entry into force.
The agreement grants tariff preferences for imports of products originating in Peru and Venezuela, which makes it significant, especially Peruvian small and medium enterprises (SMEs) engaged in textile and apparel manufacturing and export.
In 2012, 58 percent of all Peruvian exports to Venezuela consisted of textiles and clothing items.
Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Nicaragua, Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela are the member countries of ALADI.
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