INTERNATIONAL TRADE LAW SERVICES IN PERU

 

Peru’s Legal Framework for International Trade

Peru has signed multiple Free Trade Agreements (FTAs) and is part of regional and global organizations that govern trade. Understanding this framework is essential for businesses importing or exporting goods and services.

Free Trade agreements signed by Peru

Trade agreements, in particular, are one of the government’s main targets. Peru has signed free trade agreements with the U.S.A., Canada, Chile, China, Venezuela, Costa Rica, the European Union, the European Free Trade Association (Iceland, Liechtenstein, Norway, and Switzerland), Honduras, Japan, Mexico, Panama, Singapore, South Korea, and Thailand. 

It has Framework Agreements with MERCOSUR countries (Argentina, Brazil, Paraguay, Uruguay, and Venezuela). 

It has a partial preferential agreement with Cuba. 

More agreements have been signed and await full implementation, including with Guatemala, the Pacific Alliance (Mexico, Colombia, and Chile), Brazil, Australia, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership CPTPP (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore and Vietnam).

Peru has also ratified the WTO Agreement on Trade Facilitation, which entered into force in February 2017.

Key Trade Agreements and Memberships

Peru is a member of the WTO, the Andean Community, APEC, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Each framework provides unique opportunities and obligations for foreign investors.

Customs Regulations and Compliance

Peruvian customs laws regulate tariffs, import/export documentation, and procedures. Non-compliance can lead to penalties or delays, making expert legal guidance crucial.

Contract Law and International Transactions

Cross-border business requires carefully drafted contracts that reflect both Peruvian and international law.

Drafting and Negotiating International Contracts

Legal assistance ensures that contracts meet requirements related to governing law, dispute resolution, and Incoterms, reducing risks in international transactions.

Dispute Resolution in International Trade

Disputes may be resolved through arbitration, mediation, or Peruvian courts. Many contracts include international arbitration clauses, often under ICC or UNCITRAL rules.

Customs and Tariff Advisory Services

Navigating customs procedures in Peru requires knowledge of tariff classifications, valuation rules, and exemptions.

Tariff Classification and Valuation

Correct classification of goods is critical to avoid overpayment of duties or disputes with customs authorities.

Import and Export Licensing

Certain goods require special licenses or authorizations before entering or leaving Peru. Legal experts help companies secure permits efficiently.

Trade Compliance and Risk Management

International businesses must comply with both local and international trade regulations.

Anti-Dumping and Trade Remedies

Peru applies anti-dumping measures, countervailing duties, and safeguards consistent with WTO rules. Companies need legal defense strategies when facing investigations.

Sanctions and Export Controls

Businesses must comply with export controls and sanctions regimes to avoid penalties and reputational risks.

Why Work with an International Trade Lawyer in Peru

Foreign companies benefit from tailored advice to manage trade operations and prevent costly mistakes.

Support for Foreign Companies

From customs clearance to cross-border contracts, a Peruvian international trade lawyer provides local expertise with a global perspective.

Peru’s import-export figures: what foreign companies need to know

Peru’s imports 2023 by country

Top trading partners (import sources) of Peru in 2023:

• China with a share of 25% (13.4 billion US$)
• USA with a share of 21% (10.9 billion US$)
• Brazil with a share of 7.17% (3.74 billion US$)
• Argentina with a share of 5.1% (2.66 billion US$)
• Mexico with a share of 3.39% (1.76 billion US$)
• Chile with a share of 2.54% (1.32 billion US$)
• Colombia with a share of 2.39% (1.24 billion US$)
• Canada with a share of 2.32% (1.21 billion US$)
• Ecuador with a share of 2.27% (1.18 billion US$)
• Germany with a share of 2.19% (1.14 billion US$)

Source: Trendeconomy

Imports structure to Peru in 2023 represented by the following main commodity groups:

• 17.7% (9.27 billion US$): 27 – Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes
• 12.8% (6.72 billion US$): 84 – Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof
• 9.3% (4.85 billion US$): 87 – Vehicles other than railway or tramway rolling stock, and parts and accessories thereof
• 8.03% (4.19 billion US$): 85 – Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles
• 4.21% (2.2 billion US$): 39 – Plastics and articles thereof
• 3.66% (1.91 billion US$): 72 – Iron and steel
• 3.66% (1.91 billion US$): 10 – Cereals
• 2.12% (1.1 billion US$): 73 – Articles of iron or steel
• 2.08% (1.08 billion US$): 30 – Pharmaceutical products
• 2.02% (1.05 billion US$): 38 – Miscellaneous chemical products

         Source: Trendeconomy     

Taxation and Customs Duties in Peru: A Guide for Foreign Investors

Taxes and Customs Duties on Imported Goods in Peru

• Ad Valorem Tariff (rates of 0%, 6%, and 11%, as appropriate) Apply to C.I.F. value.
• General Sales Tax (16%)
• Municipal Promotion Tax (2%)                                                                                                                    

Other Import Taxes and Fiscal Obligations 

• Selective Consumption Tax
• Specific Duties
• Provisional corrective Ad Valorem duties
• Anti-dumping and countervailing duties
• Domestic value-added tax Pre-payment
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