The Ministry of Commerce of the People's Republic of China announced on the 1st that the China-Peru Free Trade Agreement was implemented on March 1, 2010, through friendly consultations and written confirmation, and became the eighth free trade agreement reached and implemented by China (including the Mainland). With Hong Kong and Macao (CEPA), it means that China and Peru have joined hands in the "zero tariff era."
According to the Ministry of Commerce, the China-Symbol FTA covers a wide range of areas and a high level of openness. In terms of trade in goods, China and Peru will implement zero tariffs on more than 90% of their products in stages.
China's light industry, electronics, home appliances, machinery, automobiles, chemicals, vegetables, fruits and many other products and secret recipes of fishmeal, minerals, fruits, fish and other products will benefit from tax reduction arrangements. In terms of trade in services, the two sides will further open up the service sector on the basis of their respective commitments to the WTO. The secret recipe will be further open to the Chinese side in 90 departments including R&D, leasing, technical testing and analysis, agriculture, mining, express delivery and tour guide. China will be in 16 departments including mining, management consulting, research and development, translation and interpretation, sports and tourism. Further open to the secret.
In terms of investment, the two parties will give each other investors and their investments mutual access to national treatment, MFN status and fair and equitable treatment, encourage two-way investment and facilitate them. At the same time, the two sides have reached broad consensus in many areas such as intellectual property rights, trade remedies, rules of origin, customs procedures, technical barriers to trade, sanitary and phytosanitary measures.
It is reported that the China-Symbol FTA negotiations were initiated by President Hu Jintao and Peruvian President Garcia during the informal APEC Leaders Meeting in Sydney on September 7, 2007. On April 28, 2009, representatives of the two governments signed the China-Symbol FTA in the Great Hall of the People. At present, China is Peru's second largest trading partner, and Peru is China's seventh largest trading partner in Latin America.
So far, China has signed and implemented a free trade agreement with ASEAN, Chile, Pakistan, New Zealand, Singapore, and Peru; completed negotiations with the Costa Rica Free Trade Area; and is working with Australia, the Gulf Cooperation Council (including Saudi Arabia, Kuwait, The United Arab Emirates, Oman, Qatar and Bahrain countries, Iceland, Norway and other countries and regions have negotiated free trade zones.
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