Over the past two decades, Peru has emerged as a proactive global trade partner by signing a series of Free Trade Agreements (FTAs) aimed at boosting its exports, attracting foreign investment, and integrating into global markets. These treaties have diversified the Peruvian economy, reduced its dependence on traditional export markets, and fostered competitiveness. Below is a summary of Peru’s main FTAs, including their dates of signing and primary objectives:
1. United States – Peru Trade Promotion Agreement (PTPA)
- Signed: April 12, 2006
- In force: February 1, 2009
- Summary: This agreement eliminated most tariffs and provided comprehensive access to the U.S. market. It also strengthened intellectual property rights, labor protections, and environmental standards. The U.S. remains one of Peru’s main trading partners.
2. China – Peru Free Trade Agreement
- Signed: April 28, 2009
- In force: March 1, 2010
- Summary: As China’s first FTA with a Latin American country, this treaty has significantly boosted Peruvian exports, especially minerals, fishmeal, and agricultural products. In return, it opened the Peruvian market to Chinese goods, helping reduce costs of technology and machinery.
3. European Union – Peru and Colombia Trade Agreement
- Signed: June 26, 2012
- In force for Peru: March 1, 2013
- Summary: This comprehensive agreement with the EU has opened the door to a market of over 500 million people. It covers goods, services, public procurement, and sustainable development, and has benefited Peru’s agricultural sector, particularly exports of coffee, fruits, and fish.
4. Peru – Japan Economic Partnership Agreement
- Signed: May 31, 2011
- In force: March 1, 2012
- Summary: This agreement has facilitated access for Peruvian agricultural and fishery products to the Japanese market while reducing tariffs for Japanese automobiles and electronics. It also includes provisions on services and investment.
5. Canada – Peru Free Trade Agreement
- Signed: May 29, 2008
- In force: August 1, 2009
- Summary: The FTA with Canada promotes trade and investment by eliminating tariffs and protecting investors. Mining and agriculture are among the key sectors that have benefited from the agreement.
6. Pacific Alliance (Chile, Colombia, Mexico, Peru)
- Framework Agreement Signed: June 6, 2012
- Summary: The Pacific Alliance is a regional initiative aimed at deeper economic integration, visa-free travel, and joint embassies. Its members are committed to free movement of goods, services, capital, and people. This alliance represents more than 40% of Latin America’s GDP.
7. Trans-Pacific Partnership (TPP) and CPTPP
- TPP Signed: February 4, 2016 (not ratified by the U.S.)
- CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) Signed: March 8, 2018
- In force for Peru: September 19, 2021
- Summary: The CPTPP includes 11 countries across Asia and the Americas. It is one of the world’s largest trade blocs. For Peru, it provides diversified access to Asia-Pacific markets and reinforces trade standards in labor, environment, and intellectual property.
8. Other FTAs
Peru has also signed FTAs with:
- South Korea (Signed: August 11, 2011 | In force: August 1, 2011)
- Thailand (Signed: November 17, 2011 | In force: December 31, 2011)
- Singapore (Signed: May 29, 2008 | In force: August 1, 2009)
- Australia (Signed: February 12, 2018 | In force: February 11, 2020)
- EFTA countries (Switzerland, Norway, Iceland, Liechtenstein – Signed: June 24, 2010 | In force: July 1, 2011)
These treaties continue to support Peru’s economic diversification and global competitiveness, especially in the face of shifting geopolitical trade dynamics.
Conclusion
Peru’s commitment to international trade is reflected in its broad network of FTAs, which collectively cover over 90% of its trade. These agreements have been instrumental in increasing exports, modernizing industries, and strengthening Peru’s presence in the global economy.