Some 15,000 Peruvian companies will export their products to the world in 2016, an increase of nearly 100 percent compared to the 7,600 companies that are currently exporting, said the Ministry of Foreign Trade and Tourism (Mincetur). "Eight years ago, 3,500 companies exported their products, so we see an annual growth rate of eight percent," said Deputy Minister of Foreign Trade, Carlos Posada. He stated exports to the European market continue to grow adding there is great expectation for the advantages to be obtained with the entry into force of the Free Trade Agreement (FTA) with the European Union. "The competitive advantage provided by the FTA signed with the European Union, are not held by other countries. The agreement provides better prices and better conditions when selling abroad, where costs in times of crisis is a key factor," he said. Posada also stated that exports to Asia grew at an annual rate of 30 percent, highlighting China, South Korea, Thailand and Singapore. "With regard to Singapore, in the first year of the treaty, there was an increase of 40 percent and now it is bordering 35 percent," he said. Posada recently said that Peruvian exports grew by 0.9 percent in March this year compared to the same month last year, while in the first quarter they rose 10.9 percent despite the global crisis.