Latin America Business News
Peru and Japan Sign Trade Pact Eliminating All Tariffs Within 10 Years
Photo: Peru and Japan Sign Free Trade Agreement
Peru and Japan have signed a trade agreement further cementing their bilateral trade relationship and which eliminates tariffs on almost 99 percent of goods traded within the next ten years.
Therefore Peru’s 9 percent tax on Japanese cars and TV’s will be lifted thereby giving Japanese goods an edge over South Korean products being imported into Peru. Peru will see Japan increase its export of cars and consumer electronic and Peru will increase its export of natural resources to Japan.
Peru already has free-trade agreements with China, the U.S. Chile and Singapore.
The Economic Partnership Agreement (EPA) was signed by the Japanese Foreign Minister Takeaki Matsumoto and his Peruvian counter part, Eduardo Ferreyros in Tokyo.