China, Peru sign protocol to upgrade free trade agreement

BEIJING, Nov. 15 -- China and Peru have signed a protocol to upgrade the bilateral free trade agreement in Lima, the Peruvian capital, according to China's Ministry of Commerce (MOC).

The protocol was signed on Thursday by Chinese Commerce Minister Wang Wentao and Peru's Minister of Foreign Trade and Tourism Ursula Leon Chempen, representing their respective governments.

Based on the original free trade agreement signed in 2009, the protocol aims to optimize provisions in various areas, including rules of origin, customs procedures and trade facilitation, intellectual property rights, and trade in services.

The protocol also introduces five new provisions, which cover cooperation on standards and compliance assessment, competition policy, e-commerce, global supply chains, and environment and trade, said the MOC.

The signing of the protocol will help unleash the potential of bilateral trade and investment cooperation, create a better business environment for companies of both countries, better protect and promote two-way investment, and deliver more tangible benefits to businesses and people of both countries, according to the MOC.

Following the signing, the two countries will undertake their respective domestic legal approval procedures to expedite the protocol's entry into force and implementation, the MOC said.