In an interview with a local radio, Ferrero termed as excellent the negotiations to reach the approval of the FTAA by 2005, in which he participated during the meeting in Miami, the United States this week.

He noted that under the FTAA Peru can have access to markets with which it does not have free trade.

Trade ministers from 34 countries in the Western Hemisphere approved on Thursday a framework for the world's largest free trade region.

The FTAA declaration was based on a draft agreement reached by trade negotiators on Wednesday, which allows each nation to opt out of parts of the agreement.

The FTAA is set to be established by 2005 with a goal of creating the world's largest free trade region encompassing 800 million people of the Americas.

The United States agreed in 1994 with countries from Canada down to Argentina, except Cuba, to form the FTAA, and pushed forward negotiations ahead of the 2005 deadline for the zone to take force.