China-Peru Free Trade Agreements Enhanced Protocol Comes into Effect

Beijing, November 1 (Daily Kiran) : The Chinese Ministry of Commerce announced on November 1 that the enhanced protocol of the free trade agreement between China and Peru has officially come into effect. This protocol is seen as a significant step toward strengthening trade and investment cooperation between the two nations.

Negotiations to upgrade the free trade agreement began in November 2018. On November 14, 2024, both countries signed the protocol associated with this enhancement. The protocol includes improvements to seven key chapters of the existing free trade agreement, covering topics such as rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, intellectual property, service trade, temporary entry for business people, and investment.

Additionally, five new chapters have been introduced. These include cooperation in standards and conformity assessment, competition policy, e-commerce, global supply chains, and environmental trade. The agreement also provides for further discussions on the negative list related to service trade and investment, aiming to open markets further and create new business opportunities.

Notably, the free trade agreement between China and Peru marks China’s first comprehensive free trade agreement with a Latin American country. Since its implementation in 2010, economic and trade cooperation between the two countries has steadily increased. In 2009, the total trade value between them was $6.4 billion, which surged to $50.4 billion by 2025, reflecting a nearly sevenfold increase in bilateral trade.

With the implementation of the enhanced protocol, new opportunities for trade and investment are anticipated, promising a better business environment for companies in both countries and revitalizing China-Peru economic and trade relations.