Peru has reached the status of an upper-middle-income economy, following two decades of remarkable economic growth. This is largely attributed to Peru’s sound macroeconomic policies and economic openness, resulting in renewed investor confidence and improved infrastructure to support Peru’s competitiveness and productivity growth. The main economic sectors according to their contribution to gross domestic product (Central Bank of Peru, 2019) are commerce and services (61.1%), mining and fuel (12.9%), manufacturing (12.3%), construction (5.8%), agriculture and livestock (5.6%).
Building a more diversified economy and strengthening productivity are at the core of Peru economic policies, namel the National Policy of Competitiveness and Productivity (2018) and the National Plan of Competitiveness and Productivity (2019).
Peru is engaged in numerous free trade agreements at the multilateral, regional or bilateral levels, including the World Trade Organization, the Pacific Alliance, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and agreements with the European Union, China and the United States of America, among others. According to the Ministry of Foreign Trade and Tourism, in 2018, total exports from Peru reaching a record high of US$ 47,709 million.