South Korea and Peru have adopted a bilateral free trade agreement (FTA).

Trade Minister Kim Jong-hoon and Peruvian Foreign Trade and Tourism Minister Martin Perez concluded the trade pact in a meeting in Lima on Monday. They later issued a joint statement at the presidential palace amid the attendance of Peruvian President Alan García.

Under the deal, Peru has agreed to immediately or gradually abolish tariffs on South Korean autos and electronics goods exported to Peru. In return South Korea will gradually eliminate tariffs on agro-fisheries products from the South American nation within ten years.

Last year, South Korea exported 720 million dollars worth of goods to Peru and imported 900 million dollars worth. Exports to Peru consisted mainly of autos and synthetic resin, while imports were comprised mainly of mineral resources, including copper and zinc.