China-Peru FTA comes into effect
CCTV | 2009-12-07
China-Peru FTA comes into effect
Peruvian President, Alan Garcia, has declared the free trade agreement between
Peru and China in effect from Sunday. Garcia made the announcement when meeting
in Callao with a visiting fleet of the Chinese People’s Liberation Army Navy.
The China-Peru FTA was signed in Beijing in April this year. The trade pact is China’s second with a Latin American nation after a similar deal with Chile in 2005. The FTA features a high degree of openness with phased, free tariffs on more than 90 percent of goods. These include Chinese electronic goods and machinery and Peruvian fish powder and minerals.
Peru is one of China’s major trading partner in Latin America. The volume of bilateral trade between the two countries was worth 7.5 billion US dollars last year.
