The China-Peru Free Trade Agreement took effect March 1, calling for phasing out tariffs on 90% of goods exchanged between the two nations, with an emphasis on Chinese industrial and manufactured goods and Peruvian minerals and agricultural goods. With bilateral trade valued at $7.5 billion in 2008—up 24% from 2007—China has emerged as Peru's second-biggest trade partner, according to Beijing's Ministry of Commerce. China also has free trade pacts with Pakistan, New Zealand, Singapore and the ASEAN bloc. (Xinhua, Global Times, China, March 1)

See our last posts on China, Peru and China in Latin America.

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