China, Peru sign trade pact
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China and Peru signed a free trade agreement Tuesday, capping more than a year and a half of negotiations and legal processes. Chinese Vice President Xi Jinping and his Peruvian counterpart Luis Giampietri Rojas praised the deal as "a new landmark" in bilateral ties. The deal is likely to come into force in early 2010.
"With the global financial crisis looming, the China-Peru deal sends a positive message of deepening cooperation and tiding over difficulties," said Zhu Hong, deputy director general of the International Department of the Chinese Commerce Ministry. The pact is China's second bilateral free-trade agreement in Latin America, following an accord with Chile in 2005.
"The China-Peru FTA is a comprehensive deal, covering goods, service, investment and other fields while the accord with Chile deals with goods only," Zhu said. The deal also covers issues of foreign investment, intellectual property, trade remedies, and customs procedures. Bilateral trade between China and Peru amounted to $7.5 billion in 2008, according to Chinese customs authority.
In addition to Peru, China has signed free-trade agreements with the Association of Southeast Asian Nations (ASEAN), Chile, Pakistan, New Zealand and Singapore. China is also involved in free-trade talks with Australia, the Gulf Cooperation Council, Iceland, Norway, and Costa Rica.
"With the global financial crisis looming, the China-Peru deal sends a positive message of deepening cooperation and tiding over difficulties," said Zhu Hong, deputy director general of the International Department of the Chinese Commerce Ministry. The pact is China's second bilateral free-trade agreement in Latin America, following an accord with Chile in 2005.
"The China-Peru FTA is a comprehensive deal, covering goods, service, investment and other fields while the accord with Chile deals with goods only," Zhu said. The deal also covers issues of foreign investment, intellectual property, trade remedies, and customs procedures. Bilateral trade between China and Peru amounted to $7.5 billion in 2008, according to Chinese customs authority.
In addition to Peru, China has signed free-trade agreements with the Association of Southeast Asian Nations (ASEAN), Chile, Pakistan, New Zealand and Singapore. China is also involved in free-trade talks with Australia, the Gulf Cooperation Council, Iceland, Norway, and Costa Rica.