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Peru-China free trade deal effective next week: official
Lima (AFP) Jan 4, 2010 Peru's free trade agreement with China will go into effect on January 15, two weeks ahead of schedule, Trade Minister Martin Perez said Monday. The pact was signed in April and ratified last month. "In principle, we calculated the trade agreement would go into effect on February 1. However, the process has been completed and (the agreement) will kick in much earlier than foreseen," Perez said, as quoted by the Andina news agency. The Peru-China free trade agreement was signed April 28 in Beijing during a visit by Peruvian Vice President Luis Giampietri. The deal will lead to the gradual removal of tariffs on more than 90 percent of goods ranging from Chinese electronic products and machinery to Peruvian fishmeal and minerals, according to Xinhua news agency. Under the accord, the two nations also pledged to further open their service sectors and offer favorable treatment to investors. China has become mineral-rich Peru's second-largest trading partner after the United States. Peru is a major producer of lead, zinc, copper, tin and gold. Two-way trade totaled about 6.46 billion dollars in the first 10 months of last year, according to figures published by the Chinese commerce ministry.
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