South Korea’s National Assembly has ratified the bilateral free trade agreement (FTA) between South Korea and Peru after previously being passed by the foreign affairs and trade committee. It was signed on March 21 in Seoul.
Except for a few ‘sensitive’ agricultural products the import tariffs between the two countries are expected to be eliminated for a ten-year period. Export duties of South Korea on cars of with engines of less than 3,000cc will be reduced to zero over a five-year period.
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