Closer ties: Secretary for Commerce & Economic Development Frederick Ma and Peru's Minister of Foreign Trade & Tourism Mercedes Araoz Fernandez sign a joint statement on strengthening trade and economic relations.

Secretary for Commerce & Economic Development Frederick Ma has signed a joint statement with Peru's Minister of Foreign Trade & Tourism Mercedes Araoz Fernandez to enhance bilateral trade and economic relations.

The signing ceremony on May 30 took place at the margins of the Asia Pacific Economic Co-operation's Ministers Responsible for Trade Meeting in Arequipa, Peru.

Mr Ma said the two sides will work towards the development of a co-operation arrangement on trade and investment facilitation. This will lay the foundation for future consideration of a free-trade agreement between Hong Kong and Peru.

The arrangement will cover the co-operation initiatives, and encouragement of dialogue and information exchange, in the following areas:

* facilitation and promotion of trade in goods, including organisation of trade fairs and exhibitions, discussion of regulations and standards like sanitary and phytosanitary measures;

* facilitation and promotion of trade in services in sectors of mutual interest such as financial services, rail and maritime transportation, logistics and related services, tourism;

* facilitation and promotion of investment;

* co-operation on protection of intellectual property rights; and

* Customs co-operation.

Other areas may also be covered under the arrangement, subject to the two governments' agreement.