S Korea submits ratification bill for trade deal with Peru to parliament

16:37, June 07, 2011      

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The South Korean government has submitted a ratification bill for a free trade accord with Peru to the parliament, the foreign ministry said Tuesday.

The government hopes the ratification bill will get legislative approval during the June extra-parliamentary session, the ministry said in a statement.

Under the two-way accord, all tariffs will be eliminated within 10 years after the pact goes into effect, while a 9 percent tariff levied on large South Korean vehicles with more than 3,000-cubic- centimeter engine displacement and color televisions will be immediately removed.

Tariffs on major agricultural, fisheries products of Peru, including squids, will be abolished within 10 years, while a 2 percent tariff on Peruvian coffee will also be removed immediately upon implementation of the pact.

Bilateral trade between the two countries hit the record high of 1.98 billion U.S. dollars in 2010, double the amount recorded in 2006.

Peru is the second South American country to sign a free trade agreement with South Korea. The pact does not require an endorsement from the Peruvian parliament.

Source: Xinhua
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