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Ministry of Energy, Trade and Industry
Free Trade Agreements/Partnerships

Peru-Singapore Free Trade Agreement (PeSFTA)

The Peru-Singapore Free Trade Agreement (PeSFTA) is the first FTA between Peru and an Asian country, and the second bilateral FTA between Singapore and a Latin American country.

About the Peru-Singapore Free Trade Agreement (PeSFTA)

The PeSFTA entered into force in August 2009. The PeSFTA is the first FTA between Peru and an Asian country. The PeSFTA is the second bilateral FTA between Singapore and a Latin American country. In the decade following the entry into force of the PeSFTA, Singapore’s total trade with Peru grew by 67%, and Direct Investment Abroad (DIA) into Peru grew by 143%.

Key Features of the PeSFTA

Trade in Goods

  • Tariff Elimination and Improved Market Access: Singapore’s exports to Peru enjoy a competitive advantage, with reduced tariffs for more than 87% of Singapore originating products.

  • Rules of Origin: Singapore exporters have greater flexibility as it is easier for their goods to be deemed Singapore-originating and qualify for preferential treatment concessions when imported by Peru.

  • Customs Facilitation: Increased transparency and efficiency in Customs procedures.

Trade in Services

More predictable and fair operating business environment for Singapore service suppliers in sectors including: (i) Insurance Services; (ii) Professional Services; (iii) Transport Services; and (iv) Trade-related services.

Investment Protection

Businesses can expect less investment restrictions, more protection for their investments, and greater access to the Peruvian markets.

Government Procurement

Better access for Singapore suppliers to Peru’s government procurement market, with greater transparency as information on procurement projects must be published in English.

Competition Law

Singapore businesses venturing into the Peruvian market can benefit from a fair operating market as the competition authorities in both countries have agreed to cooperate and commit to implementing competition laws, so that businesses venturing into the Peruvian market can benefit from a fair operating environment.

Dispute Settlement

Singapore businesses can be assured of an efficient and robust framework for dispute resolution.

E-Commerce

  • Electronic transmissions between Singapore and Peru will remain free from customs duties, which results in cost savings for businesses.

  • Digital products made in Singapore are guaranteed the same treatment as similar digital products in the Peruvian market.

  • Businesses and consumers will be protected from fraudulent and deceptive commercial practices when they engage in e-commerce.