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November 20th, 2008
Posted: 04:18 AM ET
(CNN) — Peru and China completed negotiations Wednesday on a free-trade agreement between the nations, increasing ties between some of the fastest growing economies in Asia and Latin America. The pact — signed in the Peruvian capital, Lima — will eventually eliminate tariffs on about 90 percent of goods traded between the two countries, according to China’s Ministry of Commerce. The deal was announced at a summit between Peruvian President Alan Garcia and his counterpart, Hu Jintao, the president of China. With a need to supply raw materials for its rapidly expanding economy, China has been inking similar trade deals with developing nations around the globe, especially in Africa and Latin America — areas rich in natural resources. Beijing estimates its trade with Peru at $6 billion. Lima signed a similar free-trade agreement with the United States in 2007. |
 
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