A free trade agreement between Japan and Peru will take effect March 1, eliminating import tariffs on almost all products traded between the two countries within 10 years, the Japanese government said Tuesday.
The agreement, signed last May after two years of negotiations, will eliminate import tariffs on nearly all Peruvian products by value within 10 years, while Peru will also remove import tariffs on nearly all Japanese goods, including automobiles, by value within the same period.
Japan exported $1.367 billion worth of products to Peru and imported $1.790 billion worth of goods from the Latin American country in 2010, according to the government-affiliated Japan External Trade Organization. Automobiles account for more than half of Japan’s overall exports to Peru, while copper represents more than half of Peru’s overall exports to Japan.
Japan has so far signed FTAs with 11 countries, including Vietnam and India, and the 10-member Association of Southeast Asian Nations. Peru is one of nine countries that is negotiating a final agreement on the United States-led free trade initiative called the Trans-Pacific Partnership.
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