EU-Peru Free Trade Agreement brings Inca country closer to OECD
The Trade Agreement between the European Union (EU) and Peru brings the Andean country closer to the Organisation for Economic Co-operation and Development (OECD), EU Parliament's Committee on International Trade informed.
"For the past five years, this trade agreement has brought Peru closer to the OECD," INTA Chair Bernd Lange said adding the institution clearly demands a series of procedures, structures, and labor rights measures. "And this Free Trade Agreement leads to these points," he added.
In this sense, Lange stressed the OECD also takes on the fight against corruption, which is linked —along with FTAs— to the organisation's accession process. As is known, the Inca country seeks to become a full member of the bloc known as the "developed countries club" for several reasons.
Some of these include the collaboration for the development and implementation of public policies, the exchange of experiences on strategies to promote prosperity, as well as the contribution to the development of the private sector's competitiveness and ethics. Furthermore, he pointed out Peru should continue working on topics linked to employment formalization, labor inspections, and collective bargaining.
It must be noted an EU Committee on International Trade delegation currently pays a two-day visit to Lima with the purpose of reviewing progress in the implementation of the EU-Peru FTA. This agreement contributes to the diversification of the export offer and the Peruvian economy, improves the investment climate, and attracts investors into high value-added sectors.
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