Peruvian Trade and Tourism Minister Eduardo Ferreyros will travel to the South Korean capital to attend the signing ceremony of the trade pact.

The minister counselor at the Korean Embassy in Lima, Kim Wan-joong, said earlier this month that the free trade deal could take effect by mid-year.

In an interview with Andina, the diplomat said the agreement would come into force around sixty days after the signing and following approval by South Korea's National Assembly.

In November 2010, foreign trade ministers from the two countries signed an agreement formalizing the closure of the FTA negotiations between the two nations. The ceremony was attended by the presidents of Korea, Lee Myun-bak, and Peru, Alan Garcia Perez.

Under the FTA, Peruvian exporters have a huge potential to market their products in the Korean market, particularly for the fisheries and agriculture sectors.

Peru has signed bilateral free trade agreements with the United States, China, Canada and Singapore, and has wrapped up trade talks with Japan, the European Union and the European Free Trade Association (EFTA).

(END) DCT/RES/LGV/EEP