Peru, Japan sign free trade agreement

Peru and Japan signed a free trade agreement on Tuesday after six rounds of negotiations, Radioprogramas reported.

The Economic Association Accord (AAE) was signed by Peruvian Foreign Trade and Tourism Minister Eduardo Ferreyros and Japanese Foreign Relations Minister Takeaki Matsumoto.

In November, President Alan Garcia of Peru and Japan’s Prime Minister Naoto Kan signed a declaration closing the negotiations for the FTA.

The signing of the deal is part of Peru’s efforts to create closer ties with Asia. The Andean country already has a FTA with China and South Korea. Peru and India have also signed an agreement to promote and protect investments and there is talk about an FTA between the two countries.

Peruvian export association Adex has said the trade deal with Japan will particularly benefit shipments of agricultural and fish products to the Asian country.

Peruvian exports to Japan totaled $849 million from January to April, 36 percent higher than the $611 million in the year-ago period.

Peru’s main exports are from the mining sector. Japan is one of the top destinations for copper, zinc and lead exports from Peru.

The FTA is expected to come into force in July.

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