The country has sorted out its trade dispute with Colombia. The trade squabble began when Peru retaliated against Colombia for erecting extra duties on Peruvian exports and extending preferential tariffs and access to third countries such as Chile and Mexico. The weight of Peru's trade sanctions against Colombia fell, principally, on dairy products, pharmaceuticals, glass bottles and cardboard. These products accounted for US$30m of annual trade.
The unseemly squabble between Peru and its Andean neighbours has undermined the prospect of a united stance within the Andean Community in trade negotiations both with the Mercosur trade bloc and those under the aegis of the Free Trade Area of the Americas (FTAA).
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