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Peru, Japan FTA to contribute to increase trade flow in 30%

Andina, Peru

Peru, Japan FTA to contribute to increase trade flow in 30%

31 May 2011

Lima, May 31 (ANDINA). Peru and Japan will increase trade flow in 30 percent thanks to the signing of a bilateral Free Trade Agreement (FTA) by both countries which will come into effect in a short term, reported Tuesday Peruvian Minister of Foreign Trade and Tourism Eduardo Ferreyros.

“We expect that Peru-Japan trade flow can reach the growth rate of 30 percent registred in 2010. We also expect that our non traditional exports to Japan surge 25 percent,” the minister told Andina news agency.

Peru and Japan on Tuesday inked the so-called Economic Partnership Agreement (EPA) after six rounds of negotiations.

The signing ceremony took place at 17:00 hours in Tokyo, Japan (03:00 hours in Lima) and was signed by Minister Eduardo Ferreyros and Japan’s Foreign Minister Takeaki Matsumoto.

Furthermore, the minister noted that the prospects of the bilateral trade are the best even though Japan is still recovering from the earthquake and tsunami that hit on March 11.

“We are confident that Japan will overcome this crisis and its economy will return to normal soon. In this stage, they will require raw materials from Peru because their main concern at the moment is their recovery,” the minister said.