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China-Peru Free Trade Agreements

The China-Peru Free Trade Agreement was implemented on March 1, 2010 and became the 8th FTA (including the Mainland and Hong Kong and Macao CEPA) which China has reached and implemented.

China and Peru in the context of the financial crisis to negotiate and sign a free trade agreement, but also in the post-crisis era of economic recovery early implementation of the FTA, will effectively promote economic growth and friendly cooperation between the two countries for the strategic partnership Add substantial content.

Tariff in the FTA

China and Peru free trade agreement covers a wide range of open, high level of openness.

In terms of trade in goods, China and Peru will impose zero tariffs on more than 90% of their products. After the implementation of the FTA, China and Peru will join the “zero tariff era”.


FTA signed the scope

China’s light industry, electronics, home appliances, machinery, automobiles, chemicals, vegetables, fruits and many other products and recipes of fish meal, minerals, fruits, fish and other products will benefit from the tax cuts.

In terms of trade in services, the two sides will further open their services to each other on the basis of their respective commitments to the WTO.

Peru will be in China, including R & D, leasing, technical testing and analysis, agriculture, mining, express delivery, tour guide and other 90 departments to further open to China, China will be mining, management consulting, research and development, translation and interpretation, sports, tourism and other 16 departments Further open to Peru.

In terms of investment, the two sides will give each other investors and their investment to access after the national treatment, MFN treatment and fair and impartial treatment, to encourage two-way investment and to facilitate its. At the same time, the two sides are still in the intellectual property, trade remedy, rules of origin, customs procedures, technical barriers to trade, health and phytosanitary measures and other areas to reach a broad consensus.


FTA signed timetable

China and Peru FTA negotiations were announced by President Hu Jintao and Peruvian President Garcia during the informal meeting of the Sydney APEC Leaders on 7 September 2007.

After eight rounds of talks and a working group meeting, on 19 November 2008, President Hu Jintao and President Garcia jointly announced the successful conclusion of the China-Peru FTA negotiations during a state visit to Peru.

On April 28, 2009, representatives of the two governments signed the China-Peru Free Trade Agreement at the Great Hall of the People.

China and Peru have strong economic complementarities, and economic and trade relations have developed rapidly in recent years.

At present, China is Peru’s second largest trading partner, Peru is China’s seventh largest trading partner in Latin America.


China – Peru FTA prospects

According to China’s customs statistics, in 2008, bilateral trade amounted to 7.5 billion US dollars, up 24% over the previous year, of which China’s exports 2.8 billion US dollars, imports 4.7 billion US dollars.

In 2009, bilateral trade volume was US $ 6.4 billion, down from the same period of last year. However, it was still better than the overall level of global trade, of which China exported 2.1 billion US dollars and imported US $ 4.3 billion.

Peru is increasingly becoming one of China’s major investment and trading countries in Latin America.