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Peru ratifies free trade deal with China
Lima (AFP) Dec 6, 2009 Peru's government on Sunday ratified a free trade agreement with China, the president's office announced. The measure "favors Peru's interests," a brief government statement said in the office's daily. It did not indicate when the agreement -- made by executive decree, without Congressional input as allowed by the constitution -- would go into effect. 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, Xinhua news agency said when the pact was signed. Under the deal, 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. Share This Article With Planet Earth
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