1. Minister for Trade Kim Jong-Hoon of Korea and Minister of Trade and Tourism Eduardo Ferreyros 
of Peru are scheduled to officially sign the Korea-Peru FTA in Seoul on March 21, 2011.

  * Negotiations for the Korea-Peru FTA were launched on March 16, 2009 and concluded on August 30,
 2010 (the two Ministers announced their conclusion at the Presidential Palace of Peru). 


2. The Korea-Peru FTA is the 8th FTA to be signed in Korea (the 2nd FTA with the country in  Latin 
America after the Korea-Chile FTA), placing Peru as Korea's 45th country to conclude an FTA with.

  * Korea previously concluded FTAs with Chile, Singapore, EFTA, ASEAN, India, U.S., and EU (7 FTAs) 
 
  * Peru concluded FTAs with the U.S., China, EFTA, Canada, Singapore, Thailand, Chile, etc. 

3. The relationship of the two countries is expected to strengthen further  in all aspects as well as in the 
economic and trade cooperation on the basis of the Korea-Peru FTA. 

  o By agreeing to strengthening the level of investment protection and transparency through 
the Korea-Peru FTA in the cooperation related to energy and resources, a stable institutional cornerstone 
has been laid for securing our investment in Peru for the energy and resources. 


4. The Korean government plans to promptly take subsequent measures, including submitting the
ratification agreement bill so that people in both countries can enjoy the benefits of the Korea-Peru FTA 
as soon as possible.

   * For Peru, the Agreement will enter into force after the official signing, and no further domestic 
procedures, such as the congressional ratification, is needed.  

    * The entry into force of the Agreement : This Agreement shall enter into force 60 days following the 
date the Parties exchange written notifications certifying that they have completed their respective legal 
requirements for its entry into force or on such other date as the Parties may agree. 


5. After the official signing, the English and Korean version of the Korea-Peru FTA will be uploaded on 
the FTA website (www.fta.go.kr)of the Ministry of Foreign Affairs and Trade. For the purpose of receiving
the comments from the public and experts regarding the errors related to the Korean translation, the 
online window on this website is scheduled to open from March. 22 through April. 4.

   o Korean and Peruvian governments previously confirmed the understanding that in case the errors 
related to the Korean and Spanish translations are found after the official signing, those errors would 
be rectified through the mutual consultation.



Attachments : 1. The current trade statistics between the Republic of Korea and the Republic of Peru
                          2. The main elements of the Korea-Peru FTA

* unofficial translation