Korea, Peru Conclude FTA Talks
Arirang News, Seoul
Korea, Peru Conclude FTA Talks
31 August 2010
We begin with some positive news on the economic front
Korea is on track to have a second free trade partner in South America after Chile back in 2003.
After five rounds of negotiations that started in March 2009 South Korea and Peru on Monday finalized their free trade negotiations with an official announcement in
a ceremony at the Government Palace in the Peruvian capital of Lima presided over by Peru President Alan Garcia and attended by Korean Foreign Trade Minister Kim Jong-hoon.
The trade deal will pave the way for all tariffs between the two nations to be eliminated within ten years.
In the meantime tariffs on Peruvian coffee Korean color TVs and Korean cars with a displacement of 3,000cc will be immediately eliminated.
Vehicles with engines smaller than 3-liters will have their tariffs eliminated over the next five years.
Two way trade between Korea and Peru reached 1.5-6 billion US dollars in 2009.
