Upgraded China-Peru free trade agreement takes effect

An upgraded free trade agreement between China and Peru took effect on Sunday, the Ministry of Commerce said in an online statement.

The two countries launched negotiations in November 2018 and signed the upgrade protocol on Nov 14, 2024. The protocol updates seven existing chapters, including trade facilitation, intellectual property, services and investment.

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

Both sides also agreed to pursue future negotiations on negative lists for services trade and investment to further open their markets.

Since the original agreement took effect in 2010, China-Peru trade has grown from $6.4 billion in 2009 to $50.4 billion in 2025, data from the Commerce Ministry showed.

A ministry spokesperson said the upgraded agreement will help unlock further business opportunities, improve the operating environment for companies in both countries and inject fresh momentum to bilateral economic ties.

China and Switzerland also signed a protocol on Friday to upgrade their free trade agreement. The move is expected to expand market access, promote two-way investment, and deepen bilateral economic and trade cooperation, according to the Ministry of Commerce.