Protocol Upgrading China-Peru Free Trade Agreement Takes Effect on November 1
en.Wedoany.com Reported - On November 1, the Protocol Upgrading the Free Trade Agreement signed by the governments of China and Peru officially came into effect, involving revisions to 7 existing chapters and the addition of 5 new chapters, covering areas such as rules of origin, customs procedures, trade facilitation, investment, and global supply chains. Both sides had previously completed their respective domestic approval procedures and began implementing the upgraded bilateral trade and investment rules.
The upgrade improved 7 existing chapters, including rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, intellectual property rights, trade in services, temporary entry of business persons, and investment, and added 5 new chapters on standards and conformity assessment cooperation, competition policy, e-commerce, global supply chains, and environment and trade.
The goods trade rules incorporate electronic networking provisions, complete the transposition of product-specific rules of origin, and remove the limit on the number of products per certificate of origin. The customs procedures chapter sets out specific provisions on responses to declaration requests, information exchange, customs clearance of goods, express consignment clearance, and clearance of perishable goods, and establishes a consultation mechanism for sanitary and phytosanitary measures.
The newly added global supply chains chapter covers cooperation on multimodal transport, foreign trade logistics corridors, and infrastructure development. The standards and conformity assessment cooperation chapter establishes a dedicated cooperation mechanism and puts forward a list of intended cooperation areas. The services and investment arrangements add 4 new annexes in the areas of professional services, transport services, cultural and audiovisual services, and telecommunications services, incorporate an expedited application procedure for the entry of business persons, and revise the relevant provisions on investment dispute settlement.
Under the future provisions of the Protocol, China and Peru will launch negotiations on negative lists for trade in services and investment within two years after the Protocol takes effect, and will review the competition policy chapter every two years. Bilateral trade between the two countries reached US$50.4 billion in 2025, up from US$6.4 billion in 2009.
