The Peruvian government has confirmed it will sign a free trade agreement (FTA) with South Korea on Mar. 21 in Seoul, according to Tvperu.gob.pe.

Peru will send its Minister for Foreign Trade and Tourism Eduardo Ferreyros to participate in the signing ceremony, while it is expected the FTA will come into effect in early June, the story reported.

Peruvian president Alan Garcia with his South Korean counterpart Lee Myung-bak

His ministry said the bilateral deal would have considerable benefits for both countries, while the Korean market presents 'enormous potential' for the Peruvian agricultural industry, the website reported.

Peru's Foreign Trade deputy minister Carlos Posada said South Korea's investment in Peru would increase considerably in the medium term, the story reported.

Peru is currently negotiating free trade agreements with the U.S., China, Canada and Singapore, while FTAs will soon come into effect with Japan, the European Union and the member countries of the European Free Trade Agreement.

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Photo: www.korea.net

Source: www.freshfruitportal.com