The China-Peru Free Trade Agreement took effect on March 1, China's Ministry of Commerce (MOC) announced Monday.

"The pact is a comprehensive deal and features a high degree of openness. The pact would further promote bilateral economic development and friendly cooperation," said the MOC in a statement on its website.

Ninety percent of goods would be tariff free in sereval phases, ranging from China's light industry, electronic, automobile, chemical and machinery products to Peru's fish powder, fruits and minerals, according to the agreement.

The two nations eyed closer cooperation in areas including agriculture, mining, express mail, tourism as well as expanding mutual investment.

After 14 months of negotiations, China and Peru concluded their free trade talks in November 2008, and signed the deal last April in Beijing.

(Xinhua News Agency March 1, 2010)