On August 30, 2010, the Governments of the Republics of Peru (“Peru”) and Korea (“South Korea”) announced the conclusion of negotiations for a Free Trade Agreement (“FTA”) between the two countries, which is expected to enter into full force in mid-2011 after the conclusion of each country’s internal ratification procedures.

Currently, both countries’ legal teams are fine-tuning the final text of the FTA. Peruvian officials are targeting next November’s meeting of the Asia-Pacific Economic Cooperation, to be held in Japan, for the signing of the FTA.