Jan. 22 (Bloomberg) -- Peru and Canada are slated to reach a trade agreement this weekend that seeks to eliminate trade barriers between the countries, Peruvian Foreign Trade Minister Mercedes Araoz said.
Peru, which signed a free-trade agreement with the U.S. last year, aims to finish trade talks with Canadian Trade Minister David Emerson at the World Economic Forum in Davos, Switzerland, Araoz told Lima-based Radioprogramas today. Peru, which began negotiations with Canada in July 2007, aims to sign trade accords with China, Thailand, Singapore and Scandinavia in a bid to diversify export markets as the U.S. economy slows. Trade with Canada rose 8.5 percent to $1.9 billion in the first 11 months of last year, according to Peru's Foreign Trade Ministry. "We'll meet with Minister Emerson this weekend to oversee the final details and close the deal,'' Araoz said. "If we don't distribute our markets beyond the U.S., the economic situation there could cause a difficult situation for our exports.'' The Peruvian sol gained 0.3 percent to 2.9562 per dollar at 1:16 p.m. in New York. The sol has gained 1.6 percent so far this year.
Bloomberg.com
