China-Peru FTA to become effective in 2009

(Xinhua)
Updated: 2008-11-20 22:46

BEIJING - A spokesman with the Chinese Ministry of Commerce (MOC) said Thursday the free trade agreement (FTA) between China and Peru was expected to become effective in the latter half of 2009.

The two countries reached the agreement on Wednesday. It says a full exemption of customs duties on more than 90 percent of cargo trade would gradually be implemented by both countries.

China would continue opening up 16 industries, including mining, consulting, translation, sports and tourism, to Peru. Peru would continue promoting bilateral cooperation in 90 industries such as mining, Chinese language education and Chinese medicine.

The two sides also reached consensus on a variety of issues including investment, intellectual property rights and customs regulations, the MOC official added.

China and Peru established diplomatic relations in 1971. The two countries built a comprehensive cooperative partnership in 2005.

Bilateral trade totaled US$6 billion last year, up 49.6 percent from a year earlier. China registered a trade deficit of US$2.66 billion.