Protocol upgrading China-Peru FTA takes effect

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).

An aerial drone photo shows a view of Miraflores in Lima, Peru, Oct. 9, 2024. (Photo: Xinhua)

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.

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