UAE and Peru Embark on Free Trade Agreement Talks: Strengthening Economic Diplomacy
The United Arab Emirates and Peru are gearing up for a momentous collaboration as they prepare to initiate negotiations for a free trade agreement (FTA) later this year. This exciting announcement was made during a recent World Trade Organization meeting held in Abu Dhabi, underscoring the commitment of both nations to bolstering economic ties on a global scale. The decision to embark on FTA talks comes hot on the heels of Peru's strategic move to establish an embassy in the UAE, signaling a deeper alignment in diplomatic and economic interests between the two countries. This potential FTA holds significant promise, marking Peru's maiden venture into such agreements with a Middle East and North Africa region country, while also representing the UAE's first FTA endeavor with an American nation. The groundwork for this partnership was laid in 2022, with bilateral trade between the UAE and Peru surpassing $1 billion. Peru's export prowess, particularly in gold, and the U...