The Free Trade Agreement (FTA) between Canada and the Republic of Peru, which came into force in 2009, has had a significant impact on the economic relationship between the two nations. This agreement has provided numerous opportunities for businesses and investors from both countries to explore new markets, expand trade possibilities, and strengthen bilateral cooperation in sectors like agriculture, mining, energy, and manufacturing.

Canada and Peru have long enjoyed strong diplomatic and trade ties. However, the FTA has taken this relationship to the next level by eliminating tariffs and other barriers to trade, facilitating the movement of goods and services, and enhancing investment opportunities. The agreement has allowed Canadian companies to access the Peruvian market without restrictions and vice versa, promoting the growth of businesses on both sides.

Peru is one of Canada`s leading trading partners in the Western Hemisphere, with bilateral trade between the two nations totaling around $3.9 billion in 2019. The FTA has boosted Canadian exports of goods such as machinery, vehicles, and equipment, while also creating new opportunities for Canadian services providers in sectors like financial services, education, and professional services.

For Peru, the FTA has been a key driver of economic growth and job creation, particularly in the export-oriented sectors of agriculture and mining. The agreement has opened up new markets for Peruvian agricultural products, such as avocados, asparagus, and grapes, allowing producers to expand and diversify their exports. In the mining sector, Canadian companies have played a significant role in Peru`s economic development, contributing to the growth of the sector by investing in exploration and extraction activities.

The FTA has also helped to promote sustainable development and responsible business practices in both Canada and Peru. The agreement includes provisions to encourage environmental protection, labor rights, and corporate social responsibility, ensuring that trade and investment are conducted in a fair and sustainable manner.

In conclusion, the Free Trade Agreement between Canada and the Republic of Peru has been a game-changer for the economic relationship between the two nations. The agreement has facilitated the growth of trade and investment, opened up new markets, and fostered closer bilateral cooperation in a range of sectors. With the FTA in place, Canada and Peru are well-positioned to continue their strong relationship and build on their shared economic interests for years to come.