Peru Hopes Trade With South Korea Grows to $7 Billion From Trade Agreement

Peru and South Korea today finalized negotiations to create a free trade agreement that could push bilateral trade to $7 billion by 2016, according to a statement on Peru’s presidential website.

Talks between the two countries started in March 2009 in Seoul, according to the statement. Since then, the two countries have held seven rounds of talks covering areas such as market access and rules of origin, the statement said.

Annual trade between Peru and South Korea currently stands at $1.4 billion, including nearly $749 million in exports to the Asian country, the government said.

Peru’s government said it expects bilateral trade to expand five-fold by 2016 as trade between South Korea and Chile did following the signing of a free trade agreement by those two countries in 2002.

The trade agreement would primarily benefit the South American country’s agriculture, fishing and forestry industries, the government said.

To contact the reporters on this story: Randy Woods in Santiago at rwoods13@bloomberg.net

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