Ireland

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Trade Agreement

The Republic of Ireland remains a member of the European Union, and thus its bilateral trade with Peru is covered by the Peru-EU 2012 trade agreement. Besides merely cutting tariffs, the agreement seeks to harmonise and ease all aspects of international commerce. As such, it covers laws of ‘Rules of Origin’, environmental protection and regulations, market access, intellectual property, non-tariff barriers, among other subjects. There are also further clauses on the promotion of human rights and sustainable growth. From 2012 to 2019, the value of Peruvian exports to Ireland have increased 77%.

Details of the EU-Andean trade deal

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Ireland Tariffs

99.3% of agricultural and 100% of industrial products have preferential access to the EU, including Ireland. Some products like woven yarn still have either small Tariff Rate Quotas (TRQs) or face some form of small import duty. Depending on the longer-term implementation of the agreement, tariffs will gradually be lowered and TRQs enlarged over time.

List of tariffs for specific products

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Trade flow between Ireland and Peru

Peru runs a trade deficit with Ireland which is large by the proportion of imports compared to exports. Exports into Ireland consist mostly of agribusiness, textile and chemical products. The bulk of Peru’s US$16.5 million worth of exports consists of agricultural goods (especially citrus and coffee) and textiles (mainly wool yarn). Since the signing of the EU trade deal in 2012, Peru’s exports have increased by 77%.

Meanwhile Ireland exports to Peru were valued at US$55.9 million in 2019. Pharmaceutical products, machinery and malts are the main goods. This value has remained constantly at around US$60 to 70 million since 2012.

Trade balance for Peru and Ireland
2012 2013 2014 2015 2016 2017 2018 2019
Exportaciones 9,370,966 10,025,843 9,778,685 11,105,800 11,302,488 16,518,872 17,515,290 16,501,282
Importaciones 47,561,058 56,007,686 58,391,891 51,181,282 59,443,127 53,757,562 59,377,264 55,908,378
Balanza Comercial -38,190,092 -45,981,843 -48,613,207 -40,075,482 -48,140,639 -37,238,690 -41,861,974 -39,407,095
Intercambio Comercial 56,932,024 66,033,529 68,170,576 62,287,082 70,745,615 70,276,433 76,892,554 72,409,660