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| South Korea, Peru Finalise FTA Talks |
by Mary Swire, Tax-News.com, Hong Kong
Wednesday, September 01, 2010
It has been announced that South Korea and Peru have concluded negotiations
on a free trade agreement (FTA) that, it is hoped, will provide a boost to commercial
ties between the two countries.
In a statement, it was said that South Korea and Peru have reached a final
agreement on the bilateral free trade talks, wrapping up negotiations that started
in March 2009. Since then, the two countries have held seven rounds of FTA negotiations,
covering areas such as market access and rules of origin.
While, in 2009, two-way merchandise trade totalled only the equivalent of USD1.34bn, with Peruvian exports to South Korea reaching almost USD750m, and Peruvian
imports reaching USD600m, it is now predicted that bilateral trade will reach
up to USD7bn by 2016.
Import tariffs between the two countries are expected to be eliminated over
a ten-year period. The FTA will primarily benefit Peru’s agriculture,
fishing and forestry industries, with the South Korean tariff on coffee from Peru being eliminated immediately.
It was reported that Peru’s tariffs on colour televisions from South
Korea would also be cancelled immediately, while duties on the latter’s
car exports would be reduced to zero over a five-year period, dependent on
engine size.
The FTA is expected to be signed in November, when it will be the second such
agreement for South Korea in South America, after the first with Chile became
effective in 2004.
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