Japan, Peru ink trade deal

Japan, Peru ink trade deal

LIMA - Associated French Press
A free trade agreement between Peru and Japan went into effect on Mar. 1 that the Peruvian government says will increase bilateral commerce by at least 25 percent.

Under the agreement, signed in May 2011, Japan and Peru will scrap tariffs on more than 99 percent of the value of goods traded between them within a decade.

Peru will lift tariffs on Japanese products, such as large vehicles and televisions, while Japan will eliminates tariffs in stages on

Peruvian imports such as copper and zinc, clothing, fishmeal and asparagus.

Katsuhito Miura, head of the Economic and Cooperation Department at the Japanese embassy in Peru, said bilateral trade with Peru reached $3.5 billion in 2011, 10 percent more than 2010, and is expected to increase further under the free trade agreement.