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Updated Wednesday, September 1, 2010 11:55 am TWN, AFP

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South Korea and Peru reach sweeping free trade deal

SEOUL- Trade Minister Kim Jong-Hoon and his Peruvian counterpart Martin Perez agreed the deal in Lima Monday after finishing a fifth round of negotiations, Seoul's foreign ministry said in a statement.

The two countries, which started negotiations in March 2009, will finalize the text of the agreement by November and initial it the same month. It needs ratification by both countries.

The ministry described the deal as a “high level” free trade pact that covers 25 sectors including goods, services, investment and financial services. It will scrap all tariffs currently in place within the next 10 years.

Peru's current nine percent tariff on South Korean cars will be gradually lifted, with tariffs on large sedans to be scrapped immediately and those on mid-sized cars in five years.

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