The free trade agreement between Peru and the European Union (EU) will help promote bilateral ties, Peruvian President Ollanta Humala said Friday.
The accord, which took effect on Friday, "consolidates the historic relationship that we have maintained with Europe," Humala said.
Under the deal, the EU will eliminate tariffws on 93 percent of Peruvian imports, including farm products on which a tariff of up to 45 percent was previously levied.
"We have the capacity, through this multilateral accord, to improve our national industry and have access to this significant market, which last year became Peru's main source of direct foreign investments," said Humala.
In 2012, the EU overtook China to become Peru's largest trade partner. Two-way trade amounted to 12.9 billion U.S. dollars with Lima in trade surplus.