Korea-Peru Conclude FTA Negotiations

Minister for Trade Kim Jong-hoon and Minister of Trade and Tourism Martin Perez of Peru announced the conclusion of the Korea-Peru FTA negotiations on the occasion of the bilateral trade ministers’ meeting in Lima, Peru, on August 30, 2010. The two trade ministers also issued a joint declaration (click here to read joint declaration)  in the presence of President Alan Garcia of Peru at the Presidential Palace in Lima. Trade Minister Kim and his counterpart Minister Perez shake hands following the conclusion of Korea-Peru FTA in Peru. (Aug. 30, 2010) Both countries agreed on a comprehensive and high-level FTA comprised of 25 chapters, including chapters on trade in goods, trade remedies, sanitary and phytosanitary measures (SPS), rules of origin, customs administration, trade in services, investment, telecommunications, finance, intellectual property rights, competition policy, government procurement, e-commerce, labor, environment, and economic cooperation. The Korea-Peru FTA is expected to strengthen the economic and trade relationship between the two countries and enhance business opportunities for Korean enterprises in Latin America while expanding bilateral cooperation and investment in the resources sector.