Could the next big cosmetic active hail from Peru – well, if a new tool kit developed by the United Nations Conference on Trade and Development and the country’s Ministry of Environment proves effective in speeding up the administrative side, then it could well be.
With BioTrade sales rising from US$40 million in 2003 to US$5 billion in 2016, the natural ingredients market represents a huge opportunity for Peru. However, firms wishing to invest have often been frustrated by the time it takes to obtain the necessary permissions in place to explore commercial applications for Peruvian plant life. During a two-day conference in Lima, UNCTAD therefore presented a BioTrade and ABS handbook complete with model clauses for access contracts for commercial purposes, developed in conjunction with Peru’s Environment Ministry.
“Megadiverse countries such as Peru have a great potential to develop activities based on natural products and ingredients, which can attract visitors,” said Jose Alvarez, Director General of Biodiversity for Peru’s Environment Ministry.