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 2021, the value of Peruvian exports to Ireland have increased 94%.

Details of the EU-Andean trade deal

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

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$18.2 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 94%.

Meanwhile Ireland exports to Peru were valued at US$68.2 million in 2021. Pharmaceutical products, machinery and malts are the main goods. This value has remained constantly at around US$60 to 70 million since 2012.