China-Free Trade Agreement with Peru

PERU.

CHINA FTA.

A free trade agreement is to be signed by China and Peru in March 2009, it will go into effect in the second half of next year.

The announcement was made in Lima last week, by the Chinese Ministry of Commerce.The agreement will mean zero tariffs, on 90 % of all goods trade between the two countries.

The President of China was in Lima a week ago, during his Latin American tour, prior to the Asia Pacific Summit.

President of Peru, Alan Garcia, said "We take this opportunity to address the Chinese businessmen and through them, other big small and medium businesses in China, and invite them to invest in Peru. Whomever should bring their machines, their technology and resources, can have the security that the Peruvian government will preserve and guarantee their investment".

The two countries trade around US$6 billion a year, mainly minerals, fish-meal, asparagus and fruit