Singapore: A free trade agreement between Peru and Singapore will take effect on 1 August, the first pact between the resource-rich Latin American nation and Asia, Peruvian trade & tourism minister Martin Perez said on Wednesday.
As talks on a global trade pact has stalled, Perez said Peru would move on with bilateral discussions, hoping to integrate those bilateral free trade pacts in the future.
“Pluralateral conversation takes a long time and very generic so we think bilateral agreements can go forward easier and faster,” Perez said on the sidelines of the Asia Pacific Economic Cooperation (Apec) ministerial meeting in Singapore.
Singapore’s trade ministry confirmed the expected start date and said trade with Peru in 2008 was valued at S$75.2 million ($52.11 million).
Peru has completed trade pacts with Chile and United States and it is seeking deals with China, South Korea, Thailand, Australia and New Zealand.
Thailand hopes to sign a free trade deal with Peru in November, at the Apec summit in Singapore.