Tax - News .com: Korea S initial free trade agreement with the Peru

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Korea S initial free trade agreement with the Peru by Mary Swire, tax - News .com, Hong Kong
19 November 2010

A bilateral free trade agreement (FTA) between the South Korea and the Peru has recently signed in the presence of the respective Presidents countries?, Lee Myung-bak and Alan Garcia.

A final agreement on the agreement of August, Korea South and the Peru reached this year, summary of negotiations which began in March 2009.After having received the approval of the legislators from both countries, free trade agreement is expected to be in force in the middle of next year.

It is expected to improve substantially different between the two countries, economic cooperation in particular in the development of energy, natural resources and infrastructure in Peru and commerciale.Bien, in 2009, trade two-way goods projects totalled only equivalent to USD1.35bn, while exports Korea South, reaching almost USD750m and Peruvian imports reaching USD600m, Peruvian is now expected that bilateral trade will reach up to USD7bn by 2016.

Tariffs on imports between the two countries are supposed to be eliminated over a period of ten years, except for some agricultural products such as rice and beef .the ' free trade agreement, however, mainly benefit Peru?s agriculture, fisheries and forestry, with tariff Korea South immediately eliminated Peru coffee industries.

It was reported that Peru?s tariffs on electronic products would be eliminated more than ten years, but tariffs on South Korea colour television sets would be cancelled right immédiatement.Les on exports of car latter?s would be reduced to zero over a period of five years, depending on the size of engine.

Free trade agreement is the second for the Korea southern South America, after the first with the Chile came into force in 2004.Sa achievement has been said that answers that its FTA with the United States agreement remains stalled, it continues to pursue its ambitious further global trade pacts policy.

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