The Protocol on Upgrading the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Peru officially took effect on November 1, the Ministry of Commerce announced.
China and Peru launched negotiations to upgrade the FTA in November 2018 and signed the upgrade protocol on November 14, 2024. The protocol upgrades the original agreement by improving seven existing chapters — rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, intellectual property, trade in services, temporary entry of business people, and investment — and adds five new chapters on standards and conformity assessment cooperation, competition policy, e-commerce, global supply chains, and environment and trade. The two sides also set future clauses for negative-list negotiations on services and investment, aiming to further open these areas.
The China-Peru FTA is the first comprehensive FTA China signed with a Latin American country. Since taking effect in 2010, it has greatly promoted bilateral economic and trade cooperation: two-way trade rose from $6.4 billion in 2009 to $50.4 billion in 2025, nearly a sevenfold increase. The protocol's entry into force will help unlock more trade and investment opportunities, provide a better business environment for enterprises, and inject new vitality into bilateral economic relations.
