Global Tax Alert | 22 July 2013

Peru ratifies Pacific Alliance Framework Agreement

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Peru's Ministry of Foreign Affairs issued Supreme Decree No. 031-2013-ER, which ratifies the Pacific Alliance Framework Agreement. Supreme Decree No. 031-2013-ER was published in the Official Gazette on 11 July 2013.

The Pacific Alliance is a transpacific trade development area integrated by Peru, Chile, Colombia and Mexico. The agreement was signed on 6 June 2012.

The main purpose of this agreement is to establish a deep integration area between the member countries to promote the growth, development and competitiveness of their economies; and, to become a political, economic and commercial hub, with special emphasis on the Asia Pacific market.

The mechanism to fulfil these purposes will be the promotion of the free commercial trade, free capital flow and free transit of people among the member countries.

This agreement will become effective within 60 calendar days counted from the date on which the last ratification instrument is deposited. Mexico and Chile have already ratified the agreement.

For additional information with respect to this Alert, please contact the following:

Ernst & Young Asesores S.C.R.L, Lima
  • Roberto Cores
    +51 1 411 4448
  • Oscar Vasquez
    +51 1 411 4444
  • Juan Carlos Cáceres
    +51 1 411 4444
  • Luis M. Sánchez
    +51 1 411 4444

EYG no. CM3666