Peru and South Korea have finalized negotiations and reached an agreement on a bilateral free trade agreement which could come into force towards the beginning of 2011, Foreign Trade Minister Martin Perez said.
“The FTA will come into force in the first months of 2011. Before, both governments will submit the trade agreement for a legal revision which will finish in November,” daily La Republica reported Perez as saying.
In 2009, trade between Peru and South Korea totalled $1.34 billion. Peru’s exports totalled $749 million, while its imports were approximately $600 million, Radioprogramas reported.
President Alan Garcia said trade between the two nations could increase to $7 billion over the next five years, newspaper Expreso reported.
The trade will help Peru purchase technological goods from South Korea at lower prices than other countries, Garcia said.
The trade deal with South Korea is the fourth Peru has signed with an Asian country. It already has agreements with Singapore, Thailand, and China and is currently in negotiations for a similar deal with Japan.
