Peru has taken a significant step to enhance its economy and foreign trade by approving a new Maritime Cabotage Law.
This legislation, passed by the Peruvian Congress with 72 votes in favor, aims to revolutionize the country’s port activities.
It seeks to boost Peru’s competitiveness in global markets. Cabotage involves the transportation of goods or passengers between two points within the same country.
The new law allows both domestic and foreign vessels to transport cargo between Peruvian ports, providing an important alternative to land transport, particularly useful during natural disasters.
The Ministry of Transport and Communications, along with other government agencies and business entities, collaborated to develop the law.
It introduces a simplified access regime for operators, eliminating the need for companies to establish a presence in Peru to engage in cabotage activities. This change is expected to attract more participants to the market.
Peru’s New Maritime Cabotage Law
Elizabeth Galdo, Minister of Foreign Trade and Tourism, expressed optimism about the law’s potential benefits. She highlighted anticipated reductions in logistics costs and improved competitiveness for Peruvian businesses.
The law is expected to particularly benefit Peru‘s jungle regions by facilitating exports through national ports like Paita and Matarani, thereby connecting production areas more efficiently with major shipping hubs.
Additionally, the legislation is likely to stimulate investment in port and logistics infrastructure and improve supply chains for various types of cargo. It could also help alleviate congestion at the port of Callao.
President Dina Boluarte officially enacted the law, marking a pivotal moment in Peru’s development. She emphasized that these changes would strengthen Peru’s maritime sector and modernize its transportation infrastructure.
This legislative change comes as Peru prepares to host the Asia-Pacific Economic Cooperation (APEC) forum in Lima, which will gather leaders from across the region.
The timing is also significant due to the anticipated inauguration of the Chancay port. Chinese company Cosco Shipping Lines leads this major infrastructure project, set to transform regional logistics.
Peru’s new Maritime Cabotage Law represents a forward-thinking approach to economic development. It aims to boost Peru’s global trade position and foster growth and innovation in its maritime sector.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief