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China, Peru to establish free trade zone

Xinhuanet 05-16-2007

China, Peru to establish free trade zone

China and Peru launched the first joint feasibility study in Beijing on building a free trade zone in the past two days, and pledged to conclude the study within three months, said Wang Xinpei, spokesman for the Ministry of Commerce on Wednesday.

The two sides have worked out the major responsibilities of the joint feasibility study committee and a research outline for the study, Wang told a routine press conference.

China and Peru announced the plan to initiate studies on a Sino-Peru free trade zone early this year.

Statistics show that the bilateral trade reached 3.92 billion U.S dollars between the two countries in 2006, an increase of 35.8 percent over the previous year, since the two countries forged the diplomatic ties in 1971 and a further cooperative relationship in 2005.

Chinese exports to Peru in 2006 were recorded at 1.01 billion U.S. dollars and imports at 2.91 billion, up 65.6 percent and 27.8 percent year on year respectively.

The second meeting for the joint study on the free trade zone is scheduled in mid or late July in Lima, capital of Peru, Wang said.

 source: CCTV