Hong Kong and Peru signed a Cooperation Arrangement on Trade and Investment Facilitation on Thursday in Peru, a press release from the Information Services Department of Hong Kong Special Administrative Region (HKSAR) government said on Friday.

According to the press release, Hong Kong Secretary for Commerce and Economic Development Rita Lau signed the cooperation arrangement with Peruvian Foreign Trade and Tourism Minister Mercedes Araoz Fernandez. The signing ceremony took place at the margins of the Asia Pacific Economic Cooperation's Ministerial Meeting in Lima, Peru.

Lau said both sides had concluded the cooperation arrangement following the signing of the Joint Statement on Strengthening Trade and Economic Relations between the two economies on May 30.

"The successful signing of the cooperation arrangement will be instrumental in fostering closer trade and economic ties between the two sides," she said, adding that the cooperation arrangement laid the foundation for future discussion of a bilateral free trade agreement (FTA) between Hong Kong and Peru.

The Cooperation Arrangement on Trade and Investment Facilitation mainly aims to facilitate and promote bilateral trade in areas including exhibition and trade fairs, financial services, investment, tourism, rail, maritime and logistics transportation, and sanitary and phytosanitary measures.

It also covers cooperation between the two economies in areas of intellectual property rights, customs and competition-related matters, as well as technical assistance and capacity-building in areas of mutual interests.

(Xinhua News Agency November 21, 2008)