|Ministers of Peru and Korea signing Free Trade Agreement (Photo: Andina/Mincetur)|
The Ministry of Foreign Trade and Tourism has stated that provisions are in place for the implementation of the Free Trade Agreement (FTA) between Peru and South Korea, on August 1st, according to an article published in Gestion.
The Peru – Korea FTA was signed in Seoul on March 21st of this year. During this time the Ministries of Foreign Affairs of Peru and of Korea exchanged diplomatic notes to make formal corrections to the trade agreement, in English, Korean and Spanish
On July 21st both countries notified each other they had completed the legal requirements needed to implement the FTA. On July 24th Peru’s Foreign Ministry ratified the FTA and signaled the agreement would be implemented on August 1st.
During negotiations with Korea, Eduardo Ferreyros, Minister of Foreign Trade and Tourism, said the agreement would open up an important market, of approximately 50 million potential consumers, which have a per capita income of over $17,000 and are able to buy Peruvian products.
Ferreyros also considered that bilateral trade would grow considerably with the FTA, not just the exchange of products, but cheaper high-quality cars, appliances, capital goods and electronic equipment would also enter the Peruvian market.