The protocol on upgrading the free trade agreement (FTA) between China and Peru officially entered into force on Sunday, opening a new chapter in a trade relationship that has grown nearly sevenfold in just over a decade.
The protocol, signed in Lima on Nov 14, 2024, caps negotiations that began in November 2018. It builds on the original FTA inked in 2009 and rewrites the rulebook in areas from rules of origin and customs procedures to intellectual property and trade in services.
The deal also breaks new ground with five fresh provisions, covering standards and compliance assessment, competition policy, e-commerce, global supply chains, and the intersection of environment and trade, signaling a shared push into newer, more complex areas of commerce.
Looking further ahead, both sides have written in forward-looking clauses for future talks on negative lists for trade in services and investment, a move aimed at ratcheting up openness in these sectors.
Since the original FTA took effect in 2010, trade between China and Peru has climbed from 6.4 billion U.S. dollars in 2009 to 50.4 billion dollars in 2025, marking a nearly sevenfold jump.
With the protocol now in force, the two countries hope to unlock further trade and investment opportunities, offer businesses on both sides a smoother operating environment, and inject fresh momentum into one of China's most dynamic partnerships in Latin America.
China, Peru put upgraded FTA into force, eyeing closer trade partnership
China, Peru put upgraded FTA into force, eyeing closer trade partnership
China, Peru put upgraded FTA into force, eyeing closer trade partnership
