Japan and Peru on Nov. 10 reached a basic agreement on a treaty to encourage mutual investment after several months of negotiations, a foreign ministry official said. "We cannot disclose details now, but it aims to create a better environment for investment in each country by getting rid of unnecessary barriers and introducing necessary measures to protect investors," the official said.
Negotiations, which began in May in Tokyo, were originally proposed by Peruvian President Alan Garcia and then prime minister Yasuo Fukuda during their summit in March in Japan.
If concluded, it will be Japan's second such treaty with a South American country. Japan has concluded an economic partnership accord with Chile, which covers an investment agreement.
Copyright Agence France-Presse, 2008