Under the witness of Chinese President Xi Jinping and Peru's President Pedro Pablo Kuczynski, Chinese Minister of Commerce Gao Hucheng and Peru’s Minister of Foreign Commerce and Tourism Eduardo Ferreyros jointly signed a MOU on Upgrading China-Peru Free Trade Agreement between the Ministry of Commerce of People’s Republic of China and the Ministry of Foreign Commerce and Tourism of the Republic of Peru, announcing to launch the joint study on upgrading bilateral free trade agreement.

The China-Peru FTA was signed in April, 2009 and has been enforced since May 2010. It’s one with wide range and high level of opening, and also the first one-package free trade agreement that China has signed with Latin American countries. China-Peru FTA has maintained sound development and made remarkable results since it was implemented, driving rapid development of bilateral trade and economic relations. According to the statistics by China’s Customs, China-Peru bilateral trade amounted to US$16.02 billion in 2015, 2.2 times that before the FTA was carried out. At present, China has become Peru’s largest trade partner, largest export market and largest import source and Peru has become China’s fifth largest trade partner in Latin American region.

Upgrading China-Peru FTA is conducive to promoting bilateral trade and investment liberalization and facilitation, optimizing the benefits from the FTA and injecting new vigor into bilateral trade and economic relations.