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Overview
There are opportunities for UK companies in Peru’s life sciences market. There is growth in both the decentralised public system and the private sector, with increased health insurance penetration rates. Demand for pharmaceuticals, medical technologies, e-health and telemedicine is increasing.
Public-private partnerships (PPPs)
70% of Peru’s healthcare system is public, with a recent emphasis on PPPs to finance public infrastructure. Important projects in the pipeline are the National Institute for Children and Adolescents (worth £130 million) and high complexity hospitals in Piura (£106 million) and Chimbote (£84 million).
Brand recognition and highly relevant markets
The UK healthcare system and life sciences sectors are highly respected in Peru for innovation and quality, and the universal coverage of the NHS. Digital health is one of the sectors with the highest growth projection in Peru, having more than 220 digital health companies promoted in the market. The UK is well placed to support Peruvian health sector initiatives and reforms as the country invests £14.4 billion to help close the health infrastructure gap.
Growing and reforming sector
The Peruvian health system continues to experience significant reform. The Health Outlook for Latin America and the Caribbean countries recommend a healthcare investment of 6% of GDP in 2020, in line with the region’s average (World Bank, 2020). Health coverage has increased, with higher expectations of this from the population. Private clinic provision has also expanded, with a growing middle class able to pay for private care. There are strong levels of interest to build capabilities in primary care, with the Peruvian central government announcing a number of large-scale projects to address this priority.
Trade agreements with Peru
The UK has 2 Free Trade Agreements (FTAs) with Peru:
- the UK-Andean FTA which came into force on 1 January 2021
- the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement including 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK and Vietnam) which entered into force between the UK and Peru on 15 December 2024
The UK-Andean FTA must be read in conjunction with the following Parliamentary Report, as certain elements therein have undergone slight changes to adapt the existing agreement to the UK outside the EU.
This agreement will remain in force alongside CPTPP. At times, you will need to specify which agreement you choose to trade under (notably when applying rules of origin), but benefits from either agreement will mostly apply automatically. Our guides attempt to highlight where businesses may need to make an explicit decision.
CPTPP entry into force and ratification
As of 24 December 2024, CPTPP is in force between the UK and:
- Australia
- Brunei
- Chile
- Japan
- Malaysia
- New Zealand
- Peru
- Singapore
- Vietnam
This means that the UK can access CPTPP provisions with said countries.
The following countries have not yet ratified the terms of the UK’s accession:
Canada and Mexico.
This means that the UK cannot yet access CPTPP provisions with those countries.
This guidance will be updated following each of the remaining countries’ ratification of the terms of the UK’s accession to CPTPP and will include when CPTPP will enter in force between the UK and the relevant remaining country.
New Rules of Origin options
The origin of a good is where it has been grown, produced or manufactured, and is not necessarily the country where the good is shipped or bought from. For goods to receive a preferential tariff, the goods must meet the specific Rules of Origin for that agreement. The UK-Andean Countries Trade Agreement and CPTPP have different Rules of Origin that must be met to receive that agreement’s preferential tariffs. UK businesses may choose which Rules of Origin they will meet to receive a preferential tariff.
The UK’s trade agreements can help secure preferential tariffs for sectors that have complex supply chains. Under CPTPP, goods sourced from other CPTPP countries count towards products meeting CPTPP Rules of Origin and receiving CPTPP preferential tariffs.
Find more information on the Rules of Origin requirements and how to claim for preferential tariff treatment.
Product regulation and testing
When fully implemented, the UK joining CPTPP will mean UK based conformity assessment bodies will be eligible to apply to carry out conformity assessments against Peruvian regulations. This means UK manufacturers could have their goods assessed in the UK against Peruvian regulations prior to exporting, rather than having to send samples to Peru to be assessed there. This could reduce the time and costs compared to having conformity assessments take place in Peru, which could especially benefit SMEs for whom the costs of overseas testing can be prohibitively expensive. These bodies must be accredited by the relevant government-designated organisation, the Medicines and Healthcare products Regulatory Authority.
Imports
Peru’s customs authority has created webpages to share information about import and export requirements digitally, providing you with relevant information instantly. Customs paperwork that needs to be completed before goods arrive in Peru can also now be submitted online. This will allow for faster processing of products on arrival overseas.
You can contact the Peruvian government’s enquiry point (in Spanish) for queries related to customs processes.
If you are importing goods from Peru, you can use the Trade Tariff Look up tool on GOV.UK to find the current list of goods and duty rates. There is also a step by step guide on how to import on GOV.UK.
Electronic contracts and paperless trading
The UK and CPTPP members shall endeavour to make trade administration documents, such as customs forms, available in electronic form and to accept electronic submissions of those documents. Paperless trading reduces costs for businesses, improves efficiency and gives greater certainty, and enables innovation in international supply chains.
Opportunities for digital trading
Electronic authentication and electronic signatures
Electronic signatures and electronic authentication increase trust in e-commerce by helping to verify that transactions, and the people behind them, are genuine. Strengthening the legal validity of electronic signatures provides greater confidence that transactions can be concluded through electronic means.
By using electronic signatures and/or electronic authentication, you can complete transactions in a matter of minutes regardless of where your counterpart is, reducing costs and simplifying processes.
CPTPP ensures that electronic signatures are considered valid by all CPTPP countries, and individuals and businesses can confidently use them.
However, CPTPP countries might impose specific criteria regarding electronic signatures, including some circumstances where electronic signatures are not accepted. You should check local regulations for more information.
You have the freedom to determine the best way of authenticating your transaction. However, for some transaction categories, there can be specific requirements.
Paperless trading
Paperless trading refers to the conduct of trade activities using electronic rather than paper documents. This reduces administrative costs and improves efficiency of processes, benefiting UK businesses across all sectors.
The UK and CPTPP countries are committed to facilitating the flow of trade activities using electronic trade documents.
CPTPP countries have committed to making trade administration documents available in electronic form and to accept electronic versions of those documents. This refers to documents which are required in connection with the import or export of a good and must be presented to customs authorities.
Beyond CPTPP, the UK also enables commercial trade documents that use English law to be accepted in electronic form. This includes documents such as bills of lading, promissory notes, and bills of exchange. This was enabled by the Electronic Trade Document Act.
This complements the commitments made on paperless trading related to trade administration documents required by the UK government or other CPTPP countries as part of the import-export process. Find more information about the UK’s Electronic Trade Documents Act.
Different countries are at different stages of legislating for paperless trading and trade digitalisation. The United Nations Economic and Social Commission for Asia and the Pacific has created an interactive Model Law on Electronic Records (MLETR) tracker where you can view different countries’ progress.
Peru and the UK have also committed to ensuring that custom procedures are predictable, consistent, and transparent to facilitate trade and minimise financial and administrative burdens for businesses. Predictable customs procedures can reduce the time and costs involved for businesses exporting products to Peru, particularly for small to medium sized enterprises (SMEs).
Procurement
Through the market access schedules in each FTA, Peru provides substantial coverage of its government procurement market and legally grants UK businesses access to government procurement opportunities across many areas, including:
- central government entities
- regional government entities and municipalities
- utilities
Department for Business and Trade support
The Department for Business and Trade (DBT) helps businesses export, drives inward and outward investment, negotiates market access and trade agreements, and champions free trade. Helpful links, tools and services available from DBT and wider government include:
Export Support Service (ESS) team
Get support on how to do business abroad. You may also be eligible for 1-2-1 support from a local International Trade Adviser. Businesses in Wales can also access support from Business Wales.
Export Support Service – International Markets (ESS-IM)
DBT's overseas in-market export support service for SMEs with high-export potential. Our International Market Advisers provide tailored support and market introduction information to new and current UK exporters looking to enter or expand into new markets. The service may be accessed globally with International Markets teams in South Asia, China, the Middle East, Africa, Eastern Europe, North America and Latin America.
Sign up to access free training on how to grow your international sales.
Information on finance and insurance for UK exports.
Trade and investment factsheets
The latest statistics on trade and investment between the UK and individual overseas partners.
Overseas business risk profiles
Information for UK businesses on political, economic and security risks when trading overseas.
Advice and warnings about travel abroad, including entry requirements, safety and security, health risks and legal differences.
Check or report a trade barrier
If you encounter an issue when exporting to any country – report the issue and UK government officials will be able to assess the issue and consider the options we have open to addressing it as appropriate
Search for your specific product to find applicable tariffs for each market, explore rules of origin and step-by-step help on customs procedures
Check import duties and allows you to check the status of available tariff rate quotas
Useful resources
You can find more information about export opportunities, business culture and any existing trade barriers on our Peru market guide.
Prior to export, you must be aware of local regulations and import conditions in Peru that apply to your goods or services. This can include tax considerations, labour laws, intellectual property rules, labelling and packaging regulations, among others.
To seek further information related to local regulations, business culture, or to find a local lawyer, translator, importer or distributor, you can use the following contacts:
- DBT’s Export Support Service International Markets team
- get in touch with DBT at the local British Embassy
- get in touch with the British Chambers of Commerce
For information on political, economic and security risks when trading with Peru, please see:
Note
This guidance contains data as reported by the UK from the Office for National Statistics (ONS) data source for total trade: UK total trade data (seasonally adjusted). Users are advised to use UK-reported data where possible for consistency between partners. This data is subject to asymmetries for example, the value of UK exports to Peru (reported by the UK) may not match the value of Peruvian imports from the UK (reported by Peru). Data is in nominal terms, meaning no adjustment has been made to account for changes in inflation or exchange rate. The totals may not exactly match the sum of their parts due to rounding.