'New vitality': Upgraded China-Peru free trade agreement takes effect

A protocol upgrading the free trade agreement (FTA) between China and Peru officially entered into force on Sunday, injecting new vitality into bilateral economic and trade relations.

The protocol, originally signed on November 14, 2024, aims to optimize provisions in various areas of the original free trade agreement.

Under the updated framework, seven existing chapters have been enhanced: rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, intellectual property rights, trade in services, temporary entry for business persons, and investment.

It also introduces five new provisions covering cooperation on standards and compliance assessment, competition policy, e-commerce, global supply chains, and environment and trade.

According to a statement released on Sunday by the Chinese Ministry of Commerce, the two sides have also established future provisions to negotiate negative lists for trade in services and investment, aiming to further broaden openness in relevant areas.

Since the original FTA took effect in 2010, bilateral trade has surged nearly sevenfold, climbing from $6.4 billion in 2009 to $50.4 billion in 2025.

The ministry said the upgraded agreement will unlock new trade and investment opportunities, optimize the business environment for businesses in both countries, and inject fresh momentum into their economic and trade ties.

The China-Peru free trade agreement is the first comprehensive FTA China has signed with a Latin American country.