BEIJING, Nov. 1 (Xinhua) -- The protocol upgrading the China-Peru free trade agreement (FTA) took effect on Sunday, according to China's Ministry of Commerce (MOC).
China and Peru launched negotiations on the upgrade in November 2018 and signed the protocol on Nov. 14, 2024. The original FTA was signed in 2009 and took effect in 2010.
The protocol improves seven existing chapters of the original FTA, covering rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, intellectual property rights, trade in services, temporary entry of business personnel, and investment, the MOC said in an online statement.
The protocol also 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 out future provisions for negotiations on negative lists for trade in services and investment, aimed at further raising openness in these areas, according to the statement.
The China-Peru FTA was the first comprehensive free trade agreement China signed with a Latin American country.
China is Peru's largest trading partner, largest export market and largest source of imports, while Peru is China's fourth-largest trading partner in Latin America and an important investment destination, said an MOC official.
Under the protocol, the new chapter on global supply chains encourages multimodal transport and the development of foreign trade logistics corridors and infrastructure, an innovative arrangement that signals the two countries' commitment to keeping supply chains stable and unimpeded.
The chapter on standards and conformity assessment cooperation establishes a dedicated cooperation mechanism and sets out an intended cooperation list, creating a platform for mutual recognition of standards that is expected to reduce trade costs for enterprises.
The two sides agreed to launch negotiations on negative lists for trade in services and investment within two years after the protocol takes effect, in a bid to further raise the level of openness in these areas and continue to tap the potential of bilateral trade and investment, the official added.
Since the original FTA came into force in 2010, it has played an important role in promoting bilateral economic and trade cooperation. Two-way trade rose from 6.4 billion U.S. dollars in 2009 to 50.4 billion U.S. dollars in 2025, an increase of nearly seven times, official data show.
The protocol is expected to help tap further opportunities for bilateral trade and investment cooperation, provide a better business environment for enterprises of both countries and inject new vitality into bilateral economic and trade relations, the MOC said. ■
