Guatemala took a step forward in its trade expansion strategy in South America with the entry into force of the Free Trade Agreement (FTA) with Peru. The agreement was signed by the Guatemalan Minister of Economy, Gabriela García, and her Peruvian counterpart, Desilú León, on April 23 at the Government Palace in Lima, opening an estimated export potential of $146 million ($123 million in goods and $23 million in services).
The new trade framework will allow more Guatemalan companies, especially micro, small, and medium-sized enterprises (MSMEs), to access Peru with preferential conditions and greater legal security, boosting their competitiveness in a market with more than 30 million consumers.
In 2024, Guatemala's exports to Peru reached $98 million, +14% over the previous year. The agricultural sector led exports with $52 million, followed by manufacturing with $45 million.
"We are very positive about the opening of new trade channels in markets with high potential for Guatemalan products," stated Fanny D. Estrada, Agexport's head of Institutional Relations. "Diversification of destinations is key to increasing exports. Peru is strategic for Guatemala, as it is already that market's second biggest regional supplier. Currently, we offer agricultural products, manufactures, and textiles to Peru. The FTA allows us to further expand our offer with innovation and competitiveness," she added.
The entry into force of the FTA with Peru boosts bilateral trade, promotes employment generation, innovation, and regional economic integration, strengthening the resilience and competitiveness of Guatemala's economy.
Source: www.export.com.gt