Canada-Peru
Fact Sheet: Services Sector
On August 1, 2009, the Canada-Peru Free Trade Agreement (FTA) entered into force. This agreement can provide Canadian business with increased opportunities in cross border trade in services to Peru.
In 2007, Canada's bilateral trade in services accounted for 13% of total exports and 18% of imports.
The services sector is crucial to Canada's economy.
- It accounts for 69% of GDP;
- It is responsible for three in four jobs; and
- It helps Canada's transformation toward a more knowledge-based economy with high-quality, high-paying jobs.
How an FTA with Peru can benefit Canada
- Canada has obtained enhanced market access, well beyond Peru’s World Trade Organization General Agreement on Trade in Services (GATS) commitments, in key service sectors of interest, including mining, energy and professional services (engineering, architectural, environmental, distribution, financial and information technology).
- Canada and Peru have agreed on comprehensive disciplines in the FTA for the financial services sector, including banking, insurance and securities. The financial services chapter of the FTA will enshrine access to markets for both cross-border financial service providers and financial institutions established in each jurisdiction.
- The agreement will give Canadian service providers a rules-based, transparent, secure and predictable environment for the provision of services and ensure equitable treatment in Peruvian markets.
- Canadian exporters will benefit from improvements in rules designed to increase transparency of regulations, broader access through temporary entry for a range of service providers and investors, as well as frameworks for the negotiation of mutual recognition agreements and provisions respecting professional licensing and qualification requirements and procedures.
Peru is an important destination for Canadian services
Peru was the destination for $42 million in Canadian commercial services exports in 20071 . Key services interests in Peru include mining, energy, and professional services (engineering, architectural, environmental, distribution, financial and information technology).
For more information on the Canada-Peru FTA, please visit the following website: Canada - Peru Free Trade Agreement
