Peru, South Korea to sign free trade accord

PERU: Peru and South Korea will sign a free trade agreement March 21 in Seoul, officials said, predicting a 50 percent increase in trade between the two countries.

The free trade pact, which must be ratified by both Peru and South Korea's parliaments, was concluded in November after five rounds of negotiations between the two countries.

Peru's foreign trade ministry projected a 50 percent increase in trade between the two countries after the treaty goes into effect.

It will open Peru's domestic market to South Korean-made automobiles at lower prices, household appliances, capital goods and electronic equipment.

Peruvian exporters are expected to gain greater access to the South Korean market for their agricultural and seafood products.

Peru has free trade agreements with the United States, China and Singapore. LIMA, Thursday, AFP