South Korea Peru announces the official conclusion of bilateral free trade agreement negotiations

Peru’s “Operations” reported on August 31, 2010. Yesterday, Peru’s Foreign Minister of Tourism Martin Perez and South Korean Minister of Foreign Trade Jim Jong-Hoon announced the formal conclusion of the bilateral free trade agreement negotiations at the ceremony held in Peru’s Presidential Palace. .

Peres said that the two sides held the fifth round of negotiations that morning and formally ended the negotiation process. The current agreement requires a legal review process. It is expected that the agreement will be signed by the presidents of the two countries during the APEC leaders summit held in Japan in November. The agreement also needs to pass the political and legal procedures in South Korea. Therefore, the agreement will take effect in the first half of 2011.

Perez also said that after the agreement comes into effect, Peru will be able to purchase high-tech products from South Korea, while South Korea will be able to purchase more Peruvian high-quality cotton textiles and fresh produce (18.60, -0.17, -0.91%). Peru hopes to South Korea offers more fresh food.

Peres said that after South Korea and Chile signed a free trade agreement, bilateral trade has trebled, and the trade between Peru and Korea should reach a similar increase in a shorter period of time after the agreement entered into force.

Kim Yong-hung also acknowledged the doubling of trade between the two countries after Han Zhi signed a free trade agreement five years ago. However, Kim said that the scope of the South Korea-Korea Free Trade Agreement is wider, and he believes that the trade prospects between the two countries will be better.

According to bilateral agreements, South Korean tariffs on Peruvian products will fall from 12% to 4% within five years. Peru will gradually import the Korean auto tariffs to 0% within five years. In the next 10 years, more than 90% of Peruvian products will enter South Korea with zero tariffs.