South Korea initialed a free trade agreement with

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South Korean President Lee Myung-bak

with visiting Peruvian President Alan Garcia attended the presidential Blue House in South Korea at the signing ceremony.
This is the eighth South Korea sign free trade agreements (Chile, Singapore, ASEAN, U.S., EU,[link widoczny dla zalogowanych], etc.). At this point, and South Korea signed a free trade agreement increased to 45 countries and regions, and Peru is the second in Chile in South America after the South Korea's second FTA partner.

Under the agreement, China and Peru in South Korea after the Agreement enters into force 10 years gradually abolish all tariffs on import and export commodities, including Korean color TV and coffee production in Peru in the Agreement enters into force immediately after the implementation of zero tariff, cars and other South Korean bulk industrial products and asparagus, bananas and other bulk agricultural products such as Peru, not phased tariff reduction. South Korea included in the sensitive products are rice,[link widoczny dla zalogowanych], beef, garlic,[link widoczny dla zalogowanych], Pollack and other 107 kinds of agricultural and marine products to be excluded from outside the FTA. Free trade agreement between the two countries are still in the energy and resources reached an agreement for cooperation.
officials of Ministry of Knowledge Economy said that this was the first time in South Korea free trade agreement expressly referred to cooperation in energy resources, Peru is a big country of energy resources, energy and resources for South Korea to ensure that the supply is very important.
Lee expressed hope that Korea Peru FTA will help to improve the welfare of the two peoples, and that Korean companies can participate in Peru's energy and resource development projects.
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(This article Source: Xinhua)
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