South Korea, Peru to abolish tariffs within ten years of trade agreement

Global network reporter Jangchul reported November 15 news, South Korea's president Lee Myung-bak with the visiting Peruvian President Alan Garcia held a summit meeting in South Korea's presidential palace Green Tile, the two countries to strengthen trade and investment and other issues exchanged views. During the talks, the two countries ' trade ministers initialled the South Korean Peruvian FTA.　　Thus, economic and trade cooperation between the two countries is expected to be further strengthened. reported that South Korea and Peru also signed the "Korean-Peruvian Memorandum of Understanding on scientific and technological cooperation and" South Korea-Peru Memorandum of understanding of environmental cooperation. The FTA between South Korea and Peru was agreed on August 30, the second FTA negotiated between South Korea and Latin American countries.　　The two countries will gradually abolish the import and export tariffs of the products in accordance with the free Trade agreement within 10 years. The report concluded that Mr. Lee expressed the hope that the South Korea-Peru FTA would help improve the welfare of the two peoples and that Korean companies would be able to participate in the energy and resource development projects in Peru. It is reported that the trade ministers of the two countries will be formally signed in early 2011 in the Korea-Peru FTA.