On 28 April 2009, the Chinese and Peruvian authorities signed the Free Trade Agreement between China and Peru in the presence of Chinese Vice President Xi Jinping and Peruvian Vice President Luis Giampietri Rojas. The China-Peru Free Trade Agreement is the first comprehensive free trade agreement signed by China with a Latin American country. This is a new milestone in bilateral relations. The agreement will further strengthen the traditional friendship between the two countries and deepen economic and trade cooperation. Especially in the context of the deepening global financial crisis, the China-Peru Free Trade Agreement sends a positive message to deepen cooperation and stir up difficulties. It shows the firm commitment of both countries to openness and the fight against protectionism. In October 2019, the Peruvian government concluded the fourth round of negotiations on the “optimization” of the free trade agreement (FTA) signed in April 2009 with China. At the request of Peru, a chapter entitled “Global Supply Chain” was added. It is an innovation in Peru`s bilateral trade agreements that recognizes for the first time the role of small and medium-sized enterprises in global value chains.
The Ministry of Foreign Trade and Tourism (MINCETUR) deserves to be recognized for its hospitality, which demonstrates the excellent negotiating capacity of the Peruvian team. In the context of the financial crisis aimed at negotiating and signing a free trade agreement, but also after the crisis of economic recovery, the rapid implementation of the free trade agreement will effectively add substantial content to economic growth and friendly cooperation between the two countries. Peru is trying to negotiate a free trade agreement with the EU, as well as with Colombia and Ecuador. This has led to difficulties with Bolivia, which is adopting a more cautious attitude towards trade liberalization. The EU. agreed to negotiate with individual countries rather than with the Andean Community as a whole. Since the North American Free Trade Agreement (NAFTA), signed in 1994 by Mexico, the United States and Canada, various free trade agreements around the world have introduced environmental chapters due to trade and investment activities that can have a multitude of environmental and social impacts. One of the main clauses that often appear in these chapters is that countries should not relax or neglect environmental legislation in order to stimulate trade and investment. San Isidro, Peru. I Round of free trade negotiations The free trade agreement creates a framework of coherent rules that open up organised bilateral trade and investment relations. The Free Trade Agreement is the first comprehensive trade agreement between China and another developing country, which contains provisions on trade in goods, trade in services and investment. The China-Peru Free Trade Agreement (FTA) was officially ratified by each country`s government on December 6, 2009 and entered into force on March 1, 2010.
The bilateral free trade agreement aims to remove barriers to trade and investment between China and Peru. The inclusion of environmental chapters in free trade agreements is considered at international level to be a good practice. Indeed, the Comprehensive Progressive Trans-Pacific Partnership (CPTPP, formerly TPP), signed by Peru in 2016 and promoted as a new standard for twenty-first century trade, contains an environmental chapter. On April 28, 2009, Peru and China signed a free trade agreement. Agreements have been concluded between the two countries in the following areas: trade in goods, rules of origin, trade measures, services, investment, temporary admission for businessmen, sanitary and phytosanitary measures, technical barriers to trade, dispute settlement, customs procedures, intellectual property rights, cooperation and institutional issues. . . .