Peru’s recent conclusion of negotiations for free trade deals with South Korea and Japan has consolidated its ties with Asia, according to the president of Peruvian export association Adex, Juan Varilias.
President Alan Garcia signed a Free Trade Agreement with Japan last week during his visit to Asia and on Monday he signed a trade pact with South Korea. During his stay in Seoul, Garcia said that the latter trade agreement would double South Korea’s investments in Peru over the next three years.
“We have two countries that we sell traditional products to, but very few non-traditional products due to the high protection that they give to the agricultural and fishing sectors,” state news agency Andina reported Varilias as saying.
South Korea is the third most important market for Peru in Asia. Exports to South Korea came to $749 million in 2009, a 36 percent increase over the previous year, according to daily La Republica.
With the FTA with South Korea, Peru will now be able to take advantage of the market for its agricultural and finishing products, he added.
“Obviously to develop a new exportable supply will demand additional efforts from companies and the country, but the important thing is that this commercial agreement will allow us to create new goals.”
“Markets like the United States and the European Union represent the present of Peruvian exports, while markets like those in Japan and South Korea represent the future,” Varilias said. “That’s why, it is necessary to create a well structured plan so that in a time frame of now more than five years there is the ability to take advantage of the new opportunities.”
Peru’s most recent FTAs will complement the trade deals already made with the United States, European Union, Canada and China, and several other countries.
