It will provide market access and national treatment for all telecom services as of June 1999. Peru adopted the reference paper on regulatory commitments. National treatment for foreign investors is guaranteed in the 1993 constitution. Foreign investment does not require prior approval, except in banking and defense-related industries. There are no restrictions on remittances of profits, dividends, royalties, or capital.
Arbitration is a constitutionally guaranteed alternative to the courts.
The September 1993 establishment of the Lima Chamber of Commerce's International Arbitration Center has helped to institutionalize this option. Peru also is a signatory to the New York Agreement on the Enforcement of International Arbitral Awards. Services companies, including banks, and free trade zones are exempted from these hiring limitations. In addition, a company may apply for exemption from the limitations for foreign managerial or technical personnel.