By Eliane Portillo

Mexican Senate approved with 55 votes for and 47 against the Free-Trade Agreement (FTA) between Mexico and Peru. With it aims to achieve at least in the next five years, $2.7 billion dollars in exports from Mexico to that country.

Departing point for this development was the entry into force of the Economic Complementation Agreement, document that provides new business opportunities for Mexican entrepreneurs and helps to further diversify the domestic consumers supply.

From 2000 to 2010 bilateral trade increased by 251%, becoming $1.456 billion dollars in 2011. To this is added the fact that Mexican exports grew 371% -by moving from $238,000,000 to $1.119 billion dollars, and imports 91% - going from $177 to $337 million dollars.

Although imports to Peru increased nearly 30% on average since 2006 to reach the $29 billion in 2010; of these, Mexico participates only with 3.4%, which shows a clear lag in a growing market. Regarding exports from Mexico to Peru, they represented only 0.33% of the total.

With the approval of the agreement with Peru, is intended to increase Mexican exports in the automotive, refrigeration and freight industries.

Thus, the agreement is added to trade liberalization programs with other countries of Latin America that passed the Senate. Countries that will be involved in this trade are Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua