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2026-11-01 11:08:26
[Protocol on Upgrading the China-Peru Free Trade Agreement Officially Enters into Force] On November 1, the Protocol between the Government of the People's Republic of China and the Government of the Republic of Peru on Upgrading the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Peru (hereinafter referred to as the "Upgrade Protocol") officially entered into force. China and Peru launched negotiations on upgrading the free trade agreement in November 2018 and signed the Upgrade Protocol on November 14, 2024. The Upgrade Protocol upgrades the original free trade agreement, improving seven existing chapters on rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, intellectual property, trade in services, temporary entry of business personnel, and investment, and adding 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 provisions for negotiations on negative lists for trade in services and investment, aiming to further improve the level of openness in these areas. Since its entry into force in 2010, the China-Peru Free Trade Agreement has played a significant role in promoting bilateral economic and trade cooperation. Bilateral trade is projected to increase nearly sevenfold, from US$6.4 billion in 2009 to US$50.4 billion in 2025. The enactment of the Upgraded Protocol will facilitate further exploration of bilateral trade and investment cooperation opportunities, provide a better business environment for enterprises from both sides, and inject new vitality into bilateral economic and trade relations. (Ministry of Commerce)
