The free trade agreement between South Korea and Peru is set to go into effect on August 1, the foreign ministry here said Wednesday.

The pact, signed in March, was passed by South Korea's parliament last month. It did not require Peruvian parliamentary endorsement.

Under the two-way accord, all tariffs will be eliminated within 10 years after the pact goes into effect, while a 9 percent tariff levied on large South Korean vehicles with more than 3,000-cubic- centimeter engine displacement and color televisions will be immediately removed.

Tariffs on major agricultural, fisheries products of Peru, including squids, will be abolished within 10 years, while a 2 percent tariff on Peruvian coffee will also be removed immediately upon implementation of the pact.

Bilateral trade between the two countries hit the record high of 1.98 billion U.S. dollars in 2010, double the amount recorded in 2006.

Peru is the second South American country to sign a free trade agreement with South Korea.