Peru seek Brazilian help to boost economy

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The Peruvian government have entered into discussions with the Brazilian authorities with a view to removing existing non-tariff barriers and increasing exports between the countries.

An agreement would act as a significant boost to the Peruvian economy as access to the Inter-Oceanic highway would strengthen their potential for exportation considerably.

Miguel Castilla, the Peruvian Finance Minister, was very hopeful that a deal could be agreed. “We are in conversations with Brazilian authorities to start reducing these non-tariff barriers and facilitate trade to that country,” said Mr Castilla.

“The policy is to strengthen ties and take advantage of this great investment we have made in infrastructure by connecting with Brazil. For years, we have turned our back on this great market.”

Crude oil, iron, steel and capital goods are among the items that Peru are looking to purchase, it is felt that a more established link to Brazil will significantly help to increase their interests in these areas.

The new measure is seen as particularly important by the government as they seek to develop alternative markets to offset the fall of the prices of raw materials due to the current crisis in the United States.

Many leading financial analysts feel that, even though a deal was agreed to ensure the U.S did not default on their existing debt, that particular crisis may not be over yet.

Any change in the situation could have significant repercussions for a country like Peru, making their search for alternative forms of trade all the more important.

Transfer money to Peru

Are you looking to invest in Peru? If you are, it is definitely important to think carefully about how you will be transferring money to Peru. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Peru – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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Peru seek Brazilian help to boost economy

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