Bridges Across the Pacific: Peru-Philippines Foreign Policy and Trade Dynamics Five Decades After Diplomatic Relations

Abstract

Peru and the Philippines, linked by a shared Spanish colonial past, seek to deepen their bilateral relationship despite the geographical distance. Diplomatic relations between the two countries, formally established in 1974, have been intermittent, with closures and reopening of embassies. Currently, neither country has an embassy in the other.
Regarding bilateral trade, it has grown in recent decades, albeit with moderate dynamism, but with great potential yet to be developed. Peruvian exports to the Philippines have concentrated on fishmeal and copper, while imports from the Philippines have been more diversified, with products of low and medium-high value added. Despite the growth, trade between the two countries is still relatively small compared to Peru's other trading partners in Asia.
Although there is still no Free Trade Agreement (FTA) in place, the possible entry of the Philippines into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the recent first meeting of the bilateral consultation mechanism, the first meeting of Peru with the Association of Southeast Asian Nations (ASEAN) under the framework of a development partner, and the interaction in multilateral mechanisms such as APEC and the Pacific Alliance are key elements to promote greater trade and strengthen ties between both nations.