ID :
191457
Tue, 06/28/2011 - 08:57
Auther :

Parliamentary panel approves S. Korea-Peru FTA bill

SEOUL, June 28 (Yonhap) -- Parliament's foreign affairs and trade committee approved a free trade agreement with Peru on Tuesday, sending it to a plenary session for a final vote this week.
South Korea and Peru signed the deal in March. The pact, which does not require an endorsement from the Peruvian parliament, calls for both countries to eliminate all tariffs within 10 years after it takes effect.
If the pact wins approval at a plenary session slated for Wednesday, Peru marks the second South American country with which South Korea has sealed such a trade pact. In April 2003, South Korea signed a similar trade deal with Chile, Seoul's first free trade partner.
Under the agreement, tariffs on South Korean automobiles with engine displacements of less than 3,000 cc will be scrapped in five years, while the tax on Peruvian coffee will also be abolished right after the deal comes into effect, according to the foreign ministry.
Bilateral trade reached US$1.98 billion in 2010 with South Korea's exports to the South American country reaching $944 million.
ejkim@yna.co.kr

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