(FULL TITLE) AN APPROACH TO THE COMMERCIAL AND INVESTMENT RELATIONSHIPS BETWEEN THE UNITED ARAB EMIRATES (UAE) AND THE REPUBLIC OF PERU
By Christian Armando Carbajal Valenzuela* & MIAS Member, Walter Luis Del Águila Cáceres**
Abstract:
The geographical advantages within the framework of the international maritime trade of the Persian Gulf, as well as the production of high-value goods, together with a considerable level of political andeconomic autonomy, have allowed the United Arab Emirates (UAE) to become an important center of trade and international relations. Diplomatic relations between Peru and the UAE were strengthened between 2011 and 2016 and trade relations had a very important growth in 2019. The investment made in Peru by Dubai Ports World (DP World) in 2008, is the largest from the UAE in Peru. The Summit of Heads of States and Governments of South America and Arab Countries (ASPA), led to the signing of the Framework Agreement for Economic, Trade, Technical and Investment Cooperation between the Republic of Peru and the Member States of the Cooperation Council for the Arab States of the Gulf(GCC), held in Lima on 1 October 2012, which may be the basis for a future Free Trade Agreement between Peru and the UAE.
Keywords:
Commercial and Investment relationship Peru – UAE; Framework Agreement on Economic, Commercial, Technical and Investment Cooperation between Peru and GCC.
I. Introduction
This article has as its starting point a historical approach, from the early development of the Emirates,to the eventual formal relations with Peru through the 20th Century with the United Arab Emirates (UAE), where we propose a journey in the history of the UAE, from the tribal origins of the PersianGulf, through the maritime tribe of the Al Qasimi. We remember the journey of the Portuguese Vasco Da Gama through the Persian Gulf, making a more detailed description of several historical events that occurred during the nineteenth century. Finally, we develop relevant dates of the twentieth century, until the political events of the late 60s, that led to the constitution of the United Arab Emirates (UAE), managing to establish itself as a mercantile and economic power in the Middle East. Likewise, we refer to important dates in Peru's trade relations with the United Arab Emirates (UAE),reviewing important information from the World Bank (WB) and the United Nations (UN), related to GDP per capita and the Human Development Index (HDI) of both countries. Similarly, we analyze data and figures related to the level of commercial exchange between Peru andthe United Arab Emirates (UAE) and refer to the only case initiated before the International Centre for Settlement of Investment Disputes (ICSID) in 2011, involving an investor from the UAE, for a significant amount, which was finally suspended in April 2020. We also refer to Peru's participation in Expo 2020 Dubai, where the Peruvian representation has been praised by the organizers and the audience.
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*Lawyer graduated from Pontificia Universidad Católica del Perú - PUCP, Peru. LLM in International Economic Law from the University of Warwick, England. Legal advisor in international investment arbitrations ICSID and ICC. **Lawyer, Extrajudicial Conciliator and International Arbitrator. Member of the Order of the Lima Bar (CAL). President of the Peruvian Arbitrators Association (ARB PERU). President of the Peruvian Society of International Economic Law (SPDIE).