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March 2, 2010

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China-Peru FTA now operational

THE China-Peru Free Trade Agreement took effect yesterday, China's Ministry of Commerce announced.

"The pact is a comprehensive deal and features a high degree of openness. The pact would further promote bilateral economic development and friendly cooperation," the ministry said on its Website yesterday.

Under the FTA, 90 percent of goods would be tariff free in several phases, ranging from China's light industry, electronic, automobile, chemical and machinery products to Peru's fish powder, fruits and minerals.

The two nations eyed closer cooperation in areas including agriculture, mining, express mail, tourism as well as expanding mutual investment.

Bilateral trade hit US$7.5 billion in 2008, up 24 percent from 2007, Customs data showed.

The FTA is China's second with a Latin American country, after the one with Chile in 2005.


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