Bilateral Free Trade Agreements between Peru and R. O. Korea to Take Effect since First Half Year of 2011

Reports from Peru Business Journal on November 18, 2010, Peru's Foreign Trade Minister of Tourism, Ferre Eros said that Peru ended the negotiations on free trade agreements with R. O. Korea not long ago and the bilateral free trade agreements should take effect since first half year of 2011.

Ferre said that the agreements to be effective, with the free trade agreements with China which had taken effect in March, 2010 must provide the most active global markets for Peru's enterprises and the consumers in Peru may benefit from the commodities that can't be manufactured by Peru, for example, automobiles, household appliances, etc., for the import tariff on mentioned above products would be reduced or exempted.

News from Ministry of Agriculture of Peru says that 98% of the Peru's agricultural products exported to R. O. Korea are green coffee. It is estimated that the Peru's agricultural products exported to R. O. Korea would be treble in 5 years after the free trade agreements take effect. Peru plans to carry out the reduction or exemption of tax on Korean products by different phases, on the day when the agreements taking effect, 3 years, 5 years, 7 years, 10 years, 15 years and 16 years. Peru's 377 types of agricultural products (taking up the 25% of total taxation agricultural products) would be exported to R. O. Korea with tax exemption since the agreements take effect, among which are coffee, carminum, raw sugar, tara powder, cocoa, tomato paste and salted olive etc.