Free Trade Agreement between Singapore and Peru will take effect on August 1, 2009.
For Singapore, the trade with Peru in 2008 was valued at S$75.2 million ($52.11 million).
For Peru, a resource-rich Latin America nation, it's first free trade agreement with an Asian nation. Peruvian Trade and Tourism Minister Martin Perez said that the country is committed to moving forward on other bilateral trade pacts due to stalled global trade negotiations.
Peru has completed trade pacts with Chile and United States and it is seeking deals with China, South Korea, Thailand and Japan.
(Source: http://www.bilaterals.org/article.php3?id_article=15590&lang=en )