Peru, Japan activate FTA-style agreement
05/03/2012 73
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LIMA, March 2 (Xinhua) -- Peru and Japan on Thursday set in motion an accord similar to a Free Trade Agreement (FTA), with high hopes from both sides to boost their economic ties.
Under the agreement, 99 percent of the bilateral trade would gradually become duty-free over the next 10 years, said the Lima Chamber of Commerce (LCC), which expects Peruvian exports of non-traditional products to Japan to double over the next three years.
The accord, known as the Economic Association Agreement (EAA), will also benefit Japanese exporters, who are aimed at increasing sales of motor vehicles, auto parts, electronic devices, and other products in the Peruvian market.
Peruvian exports to Japan in 2011 totalled 2.1 billion U.S. dollars, while Peru imported 1.3 billion dollars of goods from Japan, the Andean nation's fifth-largest trading partner.
The agreement was signed in 2011 after six rounds of negotiations that began in April 2009. Besides Peru, Japan has similar trade accords with 12 trading partners.
Source: Xinhua
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