Wednesday, February 25, 2009

Peru and Japan to discuss Free Trade

Peru and Japan will begin free-trade negotiations next month, Peruvian Foreign Minister Jose Garcia Belaunde said yesterday.

After meeting with Japan's Foreign Minister Hirofumi Nakasone in Tokyo, Garcia Belaunde told Lima-based Radioprogramas, "The Global financial crisis won't hinder talks for an agreement."

I'll be sure to keep readers up to date with developments on this topic as they surface in the next few months. The politics of the global crisis aside, it would be a good idea from a macro-economic perspective to encourage economic cooperation between Peru and Japan.

Many people don't realize that next to Japan, Peru has the largest fishing fleet in the Pacific Ocean. Correct me if i'm wrong about this fact for it could be outdated. I believe it still holds true, especially because most official statistics don't account for the fact 2/3 of Peru's fishing vessels are part of the extra-legal economy in Peru, thus not officially included in most economic data.