Peru’s FTA with EU expected to be in effect mid-2011

Peru’s free trade agreement with the European Union could come into force about half way through 2011, state news agency Andina reported the deputy minister of foreign trade, Eduardo Ferreyros, as saying.

“Right now we are working hard on the legal revision because our objective is to have the texts ready to be signed by Foreign Trade and Tourism minister Martin Perez, as soon as possible,” Ferreyros said, adding that the revision may finish by year-end.

The FTA with the EU includes 27 countries and will require the final document be in English, Spanish and 23 other languages.

Peruvian products that will most benefit from the trade pact are agricultural, fishing and industrial goods, according to Ferreyros.

Peru reached a trade accord with the EU in March 2010. At the time, Peru’s government said it expected the deal to come into force at the beginning of 2012.

President Alan García’s administration is an ardent supporter of free trade. Peru already has a trade agreement with its largest commercial partner, the United States.

Peru has also signed trade pacts with China, Canada, Chile, Singapore and Thailand.

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