Peru and Japan to sign FTA by April

Peru and Japan aim to sign a free trade agreement by April that is expected to boost bilateral trade by 50%, daily Gestion reported.

The countries plan to complete the FTA’s legal revision in early February, Deputy Foreign Trade Minister Carlos Posada said.

“The legal revision for the FTA should be concluded the week of February 7 and a technical team is travelling to Washington for that, which is a middle point for the two countries,” he said.

“According to Japanese regulations, this type of agreement should be sent to its parliament for approval,” Posada said, adding that the trade pact will come into effect before July.  

 The five rounds of negotiations to reach the accord began in May 2009, and officially closed in November last year with the signing of  a preliminary agreement by President Garcia and Japan’s prime minister, Naoto Kan, in Yokohama during the Asia-Pacific Economic Cooperation meetings.

Japan is Peru’s sixth most important trading partner. Peru’s leading exports to that country are fish and shellfish, minerals, and agroindustrial products.

Free trade agreements have been a central part of President Alan Garcia’s administration. Since 2006, the government has signed FTAs with the United States, Canada, China, the European Union and, more recently, South Korea. There are also ongoing talks for agreements with Mexico and several other nations.

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