South Korea approved the bill with Peru trade agreement submitted to Parliament

South Korean government has already submitted a free trade agreement with Peru approved the bill to the Parliament, the Foreign Ministry said Tuesday.

The government hopes the bill will be approved outside the Legislative Council meeting in June approved, the Ministry said in a statement.

According to two-way agreement, all tariffs within 10 years after entry into force of the agreement to cancel, and 9 percent, South Korea imposed tariffs on large vehicles over 3000 cubic centimeters engine displacement and the TV will be immediately removed.

To major in agriculture, fishery products, Peru, including the squid tariffs, will be canceled in 10 years, while two per cent of coffee in Peru, tariffs will be removed immediately after the implementation of the agreement.

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 countries signed a free trade agreement with South Korea. The agreement does not require approval from the Peruvian Congress.

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