Peru ceased as beneficiary of Generalized System of Preferences; food shipments to Russia could be affected

Published Nov 2, 2021

Tridge summary

Peru has lost its preference under the Generalized System of Preferences (GSP) with the Eurasian Economic Union (UEE), resulting in higher tariffs on food exports, especially to Russia. This is part of a larger trend with 74 other GSP beneficiaries seeing reductions in their ranks. The loss of GSP status and the need to pay higher tariffs have impacted Peruvian food exports, which make up 82.8% of total exports to the UEE. The article highlights the need for Peru to diversify its export markets and make its offer more competitive. It also emphasizes the importance of a stable legal framework, tax incentives for aquaculture, and the development of the aquaculture sector.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Agraria.pe) Since October 10, Peru ceased to be a beneficiary of the Generalized System of Preferences (GSP) with the Eurasian Economic Union (UEE), made up of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, with which it could see Peruvian food exports to those destinations have been affected, especially to the Russian market, reported the Global Business and Economy Research Center of the Association of Exporters (CIEN-ADEX). Most of the food had a 75% tariff preference over the base tariff, but now they will have to pay the general tariff. Our country has not been the only nation affected by these changes. Of the 103 under development, GSP beneficiaries (Peru belonged to this list), now only 29 remain; and in the case of the least developed, they went from 50 to 48. Markets in South America, such as Brazil, Colombia, Chile, Ecuador, Argentina, Paraguay and Uruguay also ceased to be part of the GSP, while Bolivia and Venezuela maintain these benefits. In 2020 Peru exported ...

Source: Agraria