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China, Peru sign Free Trade Agreement

China and Peru have signed a free trade agreement (FTA), which both sides termed as 'a new landmark' in bilateral relations.

This is China's second trade pact with a Latin American country; the other being Chile, signed in November 2005.

The FTA was signed in the presence of Chinese Vice President Xi Jinping and his visiting Peruvian counterpart, Luis Giampietri Rojas, in Beijing Tuesday.

Chinese Commerce Ministry official Zhu Hong said the FTA covers goods, services, and investment.

The deal features a 'high degree of openness' with phased free tariffs on more than 90 per cent of goods, including Chinese electronic items and machinery, as also Peruvian fish powder and minerals.

Both nations agreed to open their service industries further, and give national status to investors from the other country.

The FTA, aimed at assisting both countries overcome the global economic crisis and boost their economies, is expected to be implemented next year.

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