Brussels, 09/11/2012 (Agence Europe) - In Lima, Commissioner Karel De Gucht will be promoting swift ratification of the multipartite trade agreement signed by the EU, Peru and Colombia in June 2012.
Mexico. In Mexico, from 12 to 14 November, the commissioner will meet up with Mexican President Enrique Pena-Nieto, who will take up his post on 1 December. The meeting will be held on the occasion of the tenth edition of the Queretaro Business Forum, an event organised by the private sector in Mexico and in the Latin American region. De Gucht will also meet Mexican Minister of the Economy Bruno Ferrari.
Bilateral trade between the EU and Mexico has doubled since entry into force of the bilateral trade agreement of 2000, from €21.7 billion to €40.1 billion in 2011. In 2010, the EU was Mexico's third trading partner after the United States and China, and its second source of foreign direct investment. In 2011, exports of EU goods to Mexico amounted to €23.8 billion, and its imports from Mexico reached €16.3 billion. In 2010, its exports of services were €5.1 billion and its imports €3.1 billion. The amount of EU investment in Mexico was €81 billion in 2010, which makes the country the second largest destination for EU investment in Latin America. Between 2000 and 2010, Mexican companies invested €8.7 billion in the EU.
Peru. From 15 to 16 November, in Lima, De Gucht will meet Trade Minister José Luis Silva Martinot. The trade agreement sealed between the EU, Peru and Colombia will be the focus of their talks. Signed on 26 June 2012, the agreement provides for a stable, predictable and executive framework that opens up new trading prospects for all parties. Fully implemented, it should allow over €500 million in customs duty relief per year. On the European side, the procedure allowing provisional application of the agreement could be brought to an end by January 2013. The European parliament has to take a stance on the agreement at its plenary session in December.
The EU is the third source of imports from Peru, after the United States and China. In 2011, imports from the EU (€2.8 billion) accounted for 12% of total imports from Peru. The EU is Peru's first outlet, and its exports to Europe reached a value of €6.4 billion, i.e. 18% of its total exports in 2011. In terms of foreign direct investment (FDI), the EU is the main investor in Peru, with over 50% of the total of FDI stocks. Foreign investment in Peru reached a total of $22 billion in 2011, up 2% compared to 2010. (EH/transl.jl)