Country intelligence • Peru
Peru: market-entry intelligence
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Three decisions an EU company faces with Peru. Peru has the EU's longest-standing Andean FTA (in force since March 2013, 99%+ tariff elimination) and one of the world's most open trade regimes (MFN ~2.2%). Peru is the world's #2 copper producer (~30% of exports) and a major gold and zinc producer. The PEN (sol) is one of the most stable EM currencies in Latin America. The binding constraints are mining social conflict (community blockades), political instability (6 presidents in 5 years), and the ~70% informal economy.
How to read this page: ● measured sourced data · ◐ inferred analyst reading, basis linked · ○ projected anchored to a real starting point. Bracketed citations link to the sources at the foot of the page.
1. Trade with Peru
● measured Peru is one of the easiest Latin American markets to access from a tariff perspective. The EU FTA (2013) plus Peru's ~2.2% MFN average mean that virtually all EU exports enter at zero or near-zero tariffs. The CPTPP and Pacific Alliance memberships make Peru a potential hub for Asia-Pacific market access. For EU companies, Peru's trade openness contrasts sharply with Brazil's historically high tariffs.[2,3,6]
EU exports to Peru by sector
| SITC section | Latest month (EUR) |
|---|---|
| 7. Machinery and transport equipment | EUR 186M |
| 5. Chemicals | EUR 113M |
| 6. Manufactured goods (by material) | EUR 55M |
| 8. Miscellaneous manufactured articles | EUR 45M |
| 0. Food and live animals | EUR 36M |
| 3. Mineral fuels and lubricants | EUR 11M |
| 4. Animal and vegetable oils/fats | EUR 6M |
| 2. Crude materials (excl. fuels) | EUR 6M |
| 1. Beverages and tobacco | EUR 4M |
| 9. Not classified elsewhere | 796,778 |
Source: Eurostat COMEXT (ds-059331). [4]
The Nordic lens: Finland's position
Finland's largest export sections: Machinery and transport equipment (EUR 5M), Manufactured goods (by material) (EUR 3M), Chemicals (420,139). Same COMEXT series, Finland as reporter.
Certification gate
● measured Peru uses INACAL (National Institute of Quality) for standards and INDECOPI for competition and consumer protection. DIGEMID (pharmaceutical regulator) handles drug and medical device registration. SENASA governs phytosanitary standards for agricultural imports and exports. Standards are generally aligned with international norms (ISO, Codex Alimentarius).[5]
- INACAL: voluntary technical standards (NTP), aligned with ISO; mandatory standards limited to safety-critical products
- DIGEMID: pharmaceutical and medical device registration (6-12 months typical processing)
- SENASA: phytosanitary certification for agricultural trade; key for EU market access for superfoods (avocado, blueberry)
- Mining sector: environmental certification (EIA) is the binding gate; SENACE (environmental certification service) administers
◐ inferred Peru's certification environment is less onerous than Brazil's. Standards are largely aligned with international norms. The main gate is environmental certification for mining (EIAs can take 1-3 years for large projects). Agricultural export certification (SENASA) enables the superfood export boom.
Free Trade Agreement
● measured EU-Peru/Colombia/Ecuador Trade Agreement in force since 1 March 2013. 99%+ tariff elimination. Peru also has: CPTPP (in force 2021), Pacific Alliance (Chile, Colombia, Mexico), US-Peru TPA (2009), China FTA (2010), EFTA, Japan, South Korea, Australia, and others. One of the most extensive FTA networks globally.[2,6] Ratification status: EU FTA fully ratified and operational. CPTPP in force. Peru is one of the most trade-open countries in the world.
2. Establish in Peru
Entity forms
| Type | What it can do | Route / approval | Timeline |
|---|---|---|---|
| Sociedad Anonima Cerrada (S.A.C.) | Most common structure for FDI in Peru. Closed corporation: 2-20 shareholders. 100% foreign ownership permitted with no restrictions. No minimum capital requirement. Simpler governance than S.A. Board of directors optional for companies with fewer than 20 shareholders. | SUNARP registration: 1-2 weeks; RUC: 1-3 days; total: 2-4 weeks | 3-6 weeks total |
| Sociedad Anonima (S.A.) | Open corporation. Required for publicly listed companies. Minimum 2 shareholders, no maximum. 100% foreign ownership. Board of directors mandatory. Can list on Bolsa de Valores de Lima (BVL). More complex governance and reporting requirements. | SUNARP + SMV (if listed) | 4-8 weeks |
| Sociedad Comercial de Responsabilidad Limitada (S.R.L.) | Limited liability company. 2-20 members. 100% foreign ownership. No shares issued (participation interests instead). Simpler and cheaper to establish than S.A.C. Suitable for smaller operations. | SUNARP: 1-2 weeks | 2-4 weeks |
| Branch Office | Extension of foreign parent. Not a separate legal entity; parent has unlimited liability for branch obligations. Simpler to establish than a subsidiary. Common for mining and oil/gas exploration. | SUNARP: 2-4 weeks | 3-6 weeks |
FDI sectors: automatic vs government route
| Sector | FDI cap | Route | Note |
|---|---|---|---|
| Mining | 100% | Conditional (MINEM licensing + EIA) | Fully open to foreign investment. Peru is the #2 global copper producer (~30% of exports), #6 gold, major zinc and silver producer. Mining concessions from Ministry of Energy and Mines (MINEM). Environmental Impact Assessment (EIA) required. Community consultation (consulta previa) mandatory for indigenous areas. Mining royalty (1-12% on operating income) + special mining tax (2-8.4%) for large producers. |
| Manufacturing | 100% | Automatic (SUNARP registration) | Fully open. No special restrictions. Peru's FTA network (EU, US, CPTPP, Pacific Alliance) provides preferential access to major markets. |
| Agriculture / agribusiness | 100% | Automatic | Fully open. Peru is a major exporter of asparagus, avocados, blueberries, grapes, quinoa, and coffee. Agrarian Promotion Law provides tax benefits (15% CIT rate for qualifying agricultural enterprises). Land ownership: foreigners prohibited within 50km of borders (constitutional restriction). |
| Fishing / fishmeal | 100% (processing) / restricted (fleet) | Conditional (PRODUCE licensing) | Peru is the #1 global fishmeal producer. Foreign companies can own processing plants. Fishing fleet: foreign-flagged vessels require permits. Anchovy quota system managed by PRODUCE (Ministry of Production). IMARPE (ocean institute) sets quotas based on biomass surveys. |
| Banking / financial services | 100% | Conditional (SBS approval) | Fully open to foreign investment. SBS (Superintendencia de Banca, Seguros y AFP) approval required. Major foreign banks operate: Scotiabank, BBVA, Citibank. Well-regulated sector. |
| Telecommunications | 100% | Conditional (OSIPTEL / MTC licensing) | Fully liberalised. Telefonica (Movistar), America Movil (Claro), Entel, Viettel (Bitel) all operate. OSIPTEL regulates. |
| Energy (oil, gas, renewables) | 100% | Conditional (MINEM / PeruPetro licensing) | Fully open. PeruPetro administers upstream oil and gas contracts. Renewables: RER auctions for wind, solar, small hydro. Peru has significant untapped renewable potential. |
| Lithium (nascent) | 100% | Conditional (MINEM licensing) | Peru has identified lithium resources (Puno region) but no commercial production. Exploration stage. Regulatory framework for lithium is developing. Strategic mineral designation under discussion. |
Corporate tax rates
| Scenario | Basic rate | Effective rate | Note |
|---|---|---|---|
| Standard | 29.5% | 29.5% | Flat 29.5% on taxable profits |
| Mining (large producers) | 29.5% | ~35-45% | CIT 29.5% + mining royalty (1-12% on operating income, deductible) + special mining tax (2-8.4%). Effective rate depends on operating margins. |
| Agriculture (Agrarian Promotion Law) | 15% | 15% | Reduced CIT rate for qualifying agricultural and aquaculture enterprises. Extended and modified in 2020. |
MAT: No minimum alternative tax.. Foreign company PE rate: 29.5% on Peruvian-source income. Equal treatment for domestic and foreign companies..[1,8]
IGV (Impuesto General a las Ventas / VAT)
18%[1]
Standard IGV at 18% (16% IGV + 2% IPM municipal surcharge). Exports are zero-rated. Some basic food items exempted. IGV credit mechanism similar to EU VAT.
Transfer pricing
Aggressive[1]
Peru has comprehensive OECD-aligned transfer pricing rules. Arms-length standard...
Withholding tax / TDS (key rates for EU parent)
| Type | Rate | Note |
|---|---|---|
| Dividends to foreign parent | 5% | 5% WHT on dividends paid to non-residents. Among the lowest in Latin America. |
| Interest to non-resident | 4.99-30% | 4.99% for qualifying bank loans; 30% for related-party loans or tax-haven recipients. Reducible under DTAs. |
| Royalties to non-resident | 30% | 30% standard WHT on royalties. Reducible under DTAs (Peru has 8+ treaties). |
| Service fees to non-resident | 15-30% | Technical assistance: 15%. Other services: 30%. Digital services: 30%. |
Payment and currency
● measured Floating exchange rate. The Peruvian sol (PEN) is one of the most stable currencies in Latin America. Fully convertible. No capital controls. BCRP (Central Bank) is independent (constitutionally since 1993) and follows an inflation-targeting framework (target: 2% +/- 1pp). ~4.0 PEN/EUR (mid-2026). BCRP has large FX reserves relative to GDP and actively intervenes to smooth volatility.[7,5] Unrestricted. No controls on profit repatriation, dividend payments, or capital repatriation. Peru has one of the most liberal capital-account regimes in Latin America. Registration with BCRP is required for statistical purposes but does not restrict flows.
◐ inferred Payment terms in Peruvian B2B trade are typically 30-90 days. Cross-border payments are straightforward with no FX controls. The banking system is well-developed (Scotiabank, BBVA, BCP, Interbank). Dollarisation is significant: ~30% of bank deposits are in USD, which simplifies FX management for foreign investors.[5,7]
Production-Linked Incentives
● measured Peru's investment promotion framework is based on equal treatment (foreign and domestic investors have the same rights), stability agreements (convenios de estabilidad, available for investments >USD 10M), and sector-specific incentives. ProInversion is the investment promotion agency. Peru's main competitive advantage is its trade openness (FTA network) and resource endowment rather than fiscal incentives.[5,8]
| Sector | Status |
|---|---|
| Copper mining | Peru is the #2 global copper producer. Major operations: Cerro Verde (Freeport-McMoRan), Antamina (BHP/Glencore/Teck), Las Bambas (MMG), Southern Copper (Grupo Mexico). Pipeline projects: ~USD 50bn in mining investment pipeline. Copper is ~30% of total exports. |
| Gold mining | Peru is the #6 global gold producer. Major operations: Yanacocha (Newmont), Lagunas Norte. Artisanal and small-scale mining (ASGM) is significant in Madre de Dios (mercury contamination and deforestation concerns). |
| Agriculture (superfoods) | Peru is the world's largest exporter of blueberries, #2 in avocados, and a major asparagus and grape exporter. Coastal desert irrigated agriculture (Ica, La Libertad, Lambayeque). Agrarian Promotion Law: 15% CIT rate. EU FTA and US TPA enable duty-free access. |
| Fishing / fishmeal | Peru is the #1 global fishmeal producer. Anchovy-based. Individual transferable quota (ITQ) system. Major companies: TASA, Exalmar, Austral. Fishmeal is a key input for aquaculture globally. |
| Lithium (nascent) | Lithium resources identified in Puno region (Falchani deposit, Macusani Yellowcake). No commercial production. Exploration stage. Regulatory framework developing. Strategic-mineral designation under discussion. |
| Renewable energy | Growing wind and solar capacity. RER auctions. Peru has significant untapped potential in wind (Ica coast), solar (southern desert), and small hydro (Andes). Corporate PPAs increasingly available. |
Mining social conflict is the binding risk for the sector that drives ~60% of exports. Stability agreements provide legal certainty but do not protect against community opposition, blockades, or political decisions to revoke permits. The informal economy (~70% of employment) limits the tax base and creates regulatory asymmetries.
Labour framework
● measured Peru's labour law is codified in the Legislative Decree 728 (employment promotion) and related regulations. National minimum wage: PEN 1,025/month (approx. EUR 256). Employer social contributions: ~9% of payroll (EsSalud health insurance). Severance deposit (CTS): 1 month salary per year of service. Workers entitled to 2 profit-sharing bonuses (gratificaciones) per year (each equivalent to 1 month salary). Labour law is national (no state-level variation). SUNAFIL (labour inspection) handles enforcement. Labour courts resolve disputes. Peru has a significant informality problem: ~70% of employment is informal, creating a dual labour market.[5]
- Minimum wage PEN 1,025/month (~EUR 256); adjusted periodically
- Employer social contributions: EsSalud 9% + SENATI 0.75% (manufacturing) + SCTR (high-risk sectors)
- CTS (severance deposit): 1 month per year of service, deposited semi-annually
- 2 gratificaciones per year (July and December), each equivalent to 1 month salary
- Agrarian Promotion Law: special labour regime for agriculture (reduced benefits, lower costs)
- Work permits for foreign nationals: 15% cap on foreign workers per company (exceptions for professionals and executives)
The opportunity
Peru's opportunity for EU companies centres on the long-standing EU FTA, world-class copper and mining resources, one of the most open trade regimes globally, and PEN stability.
EU-Peru FTA + CPTPP + Pacific Alliance
● measured The EU-Peru FTA has been in force since March 2013 with 99%+ tariff elimination. Peru is also a member of CPTPP and the Pacific Alliance, giving it one of the deepest FTA networks in Latin America.[5]
Copper and mining
● measured Peru is the world's #2 copper producer with ~30% of exports from copper alone. Also a major producer of gold, zinc, silver, and tin. Mining is the backbone of the export economy and FDI.[5]
PEN stability (best LATAM EM)
● measured The Peruvian sol is one of the most stable emerging-market currencies in Latin America, supported by orthodox central bank policy and large reserves. This reduces FX risk for EU operations.[5]
Superfoods agriculture
● measured Peru is a leading exporter of blueberries, avocados, quinoa, and asparagus. The coastal desert irrigation projects have created a modern agro-export sector.[5]
3. Dangers register
5 entries across 4 categories. Each states the mechanism (how it bites an EU company), the evidence (sourced), the mitigation, and what evidence would change the assessment.
Mining social conflict: community opposition and blockades
Mining generates ~60% of Peru's exports but faces persistent community opposition. Conflicts arise over water use (mining competes with agriculture for scarce Andean water), environmental contamination (real and perceived), land use, and benefit distribution. The Defensoria del Pueblo tracks ~200 active social conflicts at any time, with the majority mining-related. Community blockades can halt operations for weeks or months, and have derailed major projects (Conga, Tia Maria).
● measured Defensoria del Pueblo: ~200 active social conflicts (majority mining-related). Conga project (Newmont, USD 4.8bn): suspended indefinitely after community opposition (2011-2012). Tia Maria (Southern Copper): delayed over a decade by protests, finally permitted 2019 but construction repeatedly disrupted. Las Bambas (MMG): road blockades by communities demanding compensation have repeatedly halted copper transport.[10]
Political instability: presidential turnover and protest cycles
Peru experienced extreme political instability from 2018 to 2023: six presidents in five years. Pedro Castillo (elected 2021) was removed by Congress in December 2022 after attempting to dissolve Congress. Dina Boluarte assumed the presidency; protests in January 2023 resulted in 60+ deaths. Political stability has improved since mid-2023 but the structural drivers (weak parties, executive-legislative conflict, anti-establishment sentiment) remain.
● measured Six presidents 2018-2023: Kuczynski (resigned), Vizcarra (removed), Merino (5 days), Sagasti (interim), Castillo (removed), Boluarte (current). Boluarte approval ratings extremely low but no impeachment effort has succeeded. Municipal and regional elections proceeding normally. General elections due 2026.[11]
Informal economy (~70% of employment)
Approximately 70% of Peruvian employment is informal (no social security, no tax registration, no labour law compliance). This creates a dual economy: formal-sector companies face the full burden of labour law, taxes, and regulation, while informal competitors operate without these costs. For foreign investors, informality means that supply chains may include informal participants, complicating due diligence, quality control, and CSDDD compliance.
● measured INEI (national statistics): ~70% informal employment rate, stable over decades despite economic growth. Informal sector is concentrated in agriculture, construction, retail, and services. Mining and manufacturing have lower informality but supply chains still intersect with informal segments.[13]
Mining social conflict: community opposition and blockades
Mechanism: Mining generates ~60% of Peru's exports but faces persistent community opposition. Conflicts arise over water use (mining competes with agriculture for scarce Andean water), environmental contamination (real and perceived), land use, and benefit distribution. The Defensoria del Pueblo tracks ~200 active social conflicts at any time, with the majority mining-related. Community blockades can halt operations for weeks or months, and have derailed major projects (Conga, Tia Maria).
Evidence: Defensoria del Pueblo: ~200 active social conflicts (majority mining-related). Conga project (Newmont, USD 4.8bn): suspended indefinitely after community opposition (2011-2012). Tia Maria (Southern Copper): delayed over a decade by protests, finally permitted 2019 but construction repeatedly disrupted. Las Bambas (MMG): road blockades by communities demanding compensation have repeatedly halted copper transport.[10]
Current status: Active and structural. Social conflict is the normal operating environment for mining in Peru. The frequency and intensity have not diminished despite economic growth. Each new project faces its own community negotiation.
Mitigation: Conduct early and sustained community engagement before investment. Budget for community development programmes (canon minero redistribution is not enough). Hire local labour preferentially. Water management is the single most important technical mitigation. Engage Defensoria del Pueblo data to map conflict hotspots.
What would change the assessment: Effective consulta previa (prior consultation) implementation. Transparent and equitable benefit-sharing mechanisms. Resolution of water competition between mining and agriculture. Sustained reduction in active social conflicts tracked by Defensoria.
Political instability: presidential turnover and protest cycles
Mechanism: Peru experienced extreme political instability from 2018 to 2023: six presidents in five years. Pedro Castillo (elected 2021) was removed by Congress in December 2022 after attempting to dissolve Congress. Dina Boluarte assumed the presidency; protests in January 2023 resulted in 60+ deaths. Political stability has improved since mid-2023 but the structural drivers (weak parties, executive-legislative conflict, anti-establishment sentiment) remain.
Evidence: Six presidents 2018-2023: Kuczynski (resigned), Vizcarra (removed), Merino (5 days), Sagasti (interim), Castillo (removed), Boluarte (current). Boluarte approval ratings extremely low but no impeachment effort has succeeded. Municipal and regional elections proceeding normally. General elections due 2026.[11]
Current status: Stabilised but fragile. The Boluarte government is functioning. Economic policy continuity has been maintained (BCRP independence, fiscal discipline, FTA commitments). The risk is that the 2026 elections produce another outsider president with weak congressional support, restarting the instability cycle.
Mitigation: Structure investments to minimise dependence on government approvals. Stability agreements (convenios de estabilidad) provide legal certainty independent of political changes. Peru's institutional framework (BCRP, SBS, OSINERGMIN) has proven resilient across political transitions. Focus on sectors with clear legal frameworks.
What would change the assessment: 2026 elections produce a president with congressional majority and institutional respect. Sustained period (>5 years) without presidential removal. Structural reform of the political party system.
Informal economy (~70% of employment)
Mechanism: Approximately 70% of Peruvian employment is informal (no social security, no tax registration, no labour law compliance). This creates a dual economy: formal-sector companies face the full burden of labour law, taxes, and regulation, while informal competitors operate without these costs. For foreign investors, informality means that supply chains may include informal participants, complicating due diligence, quality control, and CSDDD compliance.
Evidence: INEI (national statistics): ~70% informal employment rate, stable over decades despite economic growth. Informal sector is concentrated in agriculture, construction, retail, and services. Mining and manufacturing have lower informality but supply chains still intersect with informal segments.[13]
Current status: Structural. Peru has not reduced informality despite sustained GDP growth. The informal sector is self-reinforcing: complex regulation and high formal-sector costs push businesses into informality. SUNAT (tax authority) enforcement focuses on large formal taxpayers.
Mitigation: For supply-chain sourcing: verify formal registration (RUC) of all suppliers. For manufacturing: formal-sector operation is straightforward but labour costs are higher than informal competitors. For agricultural sourcing: traceability to formal producers is essential for CSDDD and EUDR compliance.
What would change the assessment: Sustained reduction in informality below 50%. Tax simplification for SMEs. Effective SUNAT enforcement expanding the tax base. Labour-law reform reducing formal-sector cost burden.
Corruption: Odebrecht legacy and institutional weakness
Mechanism: Peru was one of the countries most affected by the Odebrecht corruption scandal: USD 29M in documented bribes; all living presidents from 2001-2021 investigated or convicted. The scandal revealed systemic corruption in public procurement, infrastructure contracts, and political financing. Anti-corruption institutions exist (Fiscalia, Contraloria) but enforcement is uneven and politically influenced.
Evidence: TI CPI 2025: Peru scores ~36/100, rank ~101/182. All recent presidents investigated: Toledo (convicted), Garcia (suicide during arrest), Humala (pre-trial detention), Kuczynski (house arrest), Vizcarra (barred from office), Castillo (imprisoned). Odebrecht Peru plea agreement provided extensive evidence of systemic corruption.[9,12]
Current status: Active. Corruption is a structural feature of Peruvian governance. The Odebrecht prosecutions demonstrated that enforcement is possible but also that political backlash follows (prosecutors have been removed, investigating judges pressured). For private-sector investors, government procurement remains the highest-risk area.
Mitigation: Anti-corruption compliance programme from day one. Avoid government procurement unless compliance infrastructure is robust. Use stability agreements to reduce dependence on discretionary government decisions. Peru is a signatory to OECD Anti-Bribery Convention (since 2018) and UNCAC.
What would change the assessment: Sustained CPI score above 40. Completion of Odebrecht-related prosecutions. Independent and adequately resourced anti-corruption prosecution office. Political party financing reform.
Seismic risk: Pacific Ring of Fire exposure
Mechanism: Peru sits on the Pacific Ring of Fire at the Nazca-South American plate boundary. Major earthquakes are a recurring feature: magnitude 7+ events occur every few decades. The 2007 Pisco earthquake (M8.0) killed 519 people and caused extensive infrastructure damage. Tsunamis affect the Pacific coast. Lima (10M people, economic centre) has not experienced a major earthquake since 1746 but is overdue.
Evidence: 2007 Pisco earthquake: M8.0, 519 deaths, USD 3.3bn damage. 2001 Arequipa earthquake: M8.4, 75 deaths. USGS: Peru has the highest seismic hazard in South America. Lima seismic gap: no M8+ earthquake since 1746 (280 years).[5]
Current status: Latent. Peru has improved building codes since 2007 (Norma E.030) but enforcement is uneven. Informal construction does not comply with seismic standards. Insurance is available but penetration is low.
Mitigation: Ensure all facilities comply with Peru's seismic building code (Norma E.030). Business continuity planning for major earthquake scenario. Earthquake insurance (available from international reinsurers). Supply-chain diversification across multiple sites. For mining: seismic design is standard practice.
What would change the assessment: This is a permanent geological feature. Mitigation is about resilience, not elimination. Improved building-code enforcement and seismic early-warning systems reduce consequences.
13 primary sources spanning EU/Peruvian government publications, WTO tariff data, Eurostat trade data, and specialist legal/tax summaries.
- [1] PwC / ICLG, Peru Corporate Tax Laws (2026): 29.5% standard CIT rate
- [2] EU-Peru/Colombia/Ecuador Trade Agreement: in force since 1 March 2013; 99%+ tariff elimination; Ecuador acceded 2017
- [3] WTO, World Tariff Profiles 2025: Peru
- [4] Eurostat COMEXT (ds-059331): EU27 and Finland trade with Peru by SITC section, monthly
- [5] US Department of State, 2025 Investment Climate Statement: Peru
- [6] CPTPP: Peru ratified Sep 2021; in force. Comprehensive market access across Asia-Pacific
- [7] BCRP (Banco Central de Reserva del Peru): independent central bank; inflation targeting; PEN stability
- [8] Peru mining fiscal regime: CIT 29.5% + mining royalty (1-12% on operating income) + special mining tax (2-8.4%) for large producers
- [9] Transparency International, CPI 2025: Peru score ~36/100, rank ~101/182
- [10] Defensoria del Pueblo (Ombudsman), Social Conflict Reports: monthly tracking of active social conflicts, majority mining-related
- [11] Peru political instability: 6 presidents in 5 years (2018-2023); Castillo removal (Dec 2022); Boluarte administration protests (Jan 2023, 60+ deaths); stabilised since mid-2023
- [12] Odebrecht/Lava Jato: all living Peruvian presidents from 2001-2021 investigated or convicted for corruption; Odebrecht paid USD 29M in bribes in Peru
- [13] Informal economy: ~70% of employment is informal (INEI); limits tax base, regulatory enforcement, and creates dual labour market
As of August 2026. Statutory facts verified against primary sources; practice claims cite the basis.