Japan's parliament has ratified the pending free trade agreement signed with Peru, follow the pact's signature in May 31, 2011.
Trade ties between the two countries are already strong, with Japan presently Peru's fifth most significant trading partner. Exports from Japan amounted to USD1.8bn in 2010, with Peru exporting USD1.4bn to the Japanese market.
According to the Peruvian government, the pact aims, among other things, to boost Peruvian exports by liberalizing tariffs. Peruvian exports are expected to increase by 25% when the pact becomes effective.
The pact will add to the two countries' existing regional free trade agreements. Japan already has two free trade agreements with South American nations, Mexico and Chile, and Peru has existing agreements with China and South Korea.
.Tags: trade | business | agreements | tariffs | free trade agreement (FTA) | Chile | Japan | Peru | import duty | export duty | free trade zone | Japan
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