The protocol to upgrade the China-Peru free trade agreement will take effect on November 1, reflecting determination of the two countries to jointly safeguard multilateralism and free trade, a Chinese Ministry of Commerce spokeswoman said on Thursday.
As the first comprehensive free trade agreement between China and Latin American countries, the China-Peru Free Trade Agreement was signed in April 2009.
"The two countries announced the launch of talks on upgrading the FTA in November 2018 and concluded substantive negotiations by June 2024. In November 2024, China and Peru officially signed the protocol to upgrade the bilateral free trade agreement," said Huang Ling, the spokeswoman, at a press conference in Beijing.
"With coordinated efforts, the two sides have completed their respective domestic ratification and approval procedures, and the upgrade protocol will officially take effect on November 1 this year, which, under the current international circumstances, reflects determination of the two countries to jointly safeguard multilateralism and free trade," Huang said.
"Implementation of the upgrade protocol will promote in-depth development of China-Peru economic and trade ties, enrich connotation of the bilateral comprehensive strategic partnership, create a more favorable business environment and more trade and investment cooperation opportunities for enterprises of both sides, and bring more tangible benefits to the two peoples," said the spokeswoman.
China-Peru free trade deal upgrade protocol reflects determination to safeguard multilateralism, free trade: spokeswoman
