S Korea, Peru to start free trade talks
Xinhua 2009-03-13
S Korea, Peru to start free trade talks
SEOUL, March 13 (Xinhua) — South Korea and Peru will start their first round of free trade negotiations in Seoul next week, South Korea’s Ministry of Foreign Affairs and Trade said Friday.
South Korean President Lee Myung-bak and Peruvian President Alan Garcia reached an agreement to initiate free trade negotiations this year during the Asia-Pacific Economic Cooperation (APEC) summit held last November.
In January, the two countries signed the terms of reference (TOR), which dealt with the schedule and the range of their free trade talks.
During the first round of free trade talks, the nations are expected to have broad discussions on the boundary of the free trade pact, sharing their views on various sectors such as goods, service, investment, electronic commerce, telecommunication, and intellectual property, the ministry said.
The two nations’ bilateral trade marked 1.62 million U.S. dollars in 2008, with South Korea’s export to Peru logging 720 million U.S. dollars, according to the ministry.
South Korea currently has free trade agreements with Chile, Singapore, the European Free Trade Association (EFTA), and the Association of Southeast Asian Nations (ASEAN).
