S.Korea and Peru sign FTA
Hankyoreh, Korea
S.Korea and Peru sign FTA
21 March 2011
South Korea’s Trade Minister Kim Jong-hoon and his Peruvian counterpart Eduardo Ferreyros Monday inked the free trade agreement in Seoul after five rounds of negotiations over a two-year period.
The South Korea-Peru FTA is expected to boost bilateral trade by around 50 percent. Under the agreement, both countries will eliminate all tariffs within ten years after it takes effect. Peru is the ninth largest trade partner for Korea and the trade between two countries amounted to $1.98 billion last year.
South Korea’s electronics and automobiles companies are expected to see an increase in sales, while tariffs on Peruvian coffee will be abolished immediately after ratification and agricultural commodities such as asparagus and bananas will be eliminated by stages.
(Arirang)
