Q: When shall the China-Peru Free Trade Agreement come into force and what’s the main content of the agreement?
A: The China-Peru Free Trade Agreement (CPFTA), which was signed on 28 April 2009 and entered into force on 1 March 2010, is China’s first comprehensive free trade agreement (FTA) with a Latin American country. The CPFTA covers trade in goods, services, investment, intellectual property, etc.
Q: Is there any tariff elimination schedule for trade in goods?
A: Trade in goods between China and Peru will benefit from a tariff elimination schedule per the following four categories:
Category I (accounting for 61.19% and 62.71% of the total tariff codes, respectively, in China and Peru): goods in this category are duty free as from 2010;
Category II (accounting for 11.70% and 12.94% of the total tariff codes, respectively, in China and Peru): tariffs on goods in this category will be eliminated within five years from the entry into force of the CPFTA;
Category III (accounting for 20.68% and 14.35% of the total tariff codes, respectively, in China and Peru): goods under this category will enjoy a zero duty rate within 10 years from the entry into force of the CPFTA;
Category IV (accounting for 0.99% and 1.95% of the total tariff codes, respectively, in China and Peru): tariffs on goods in this category will be eliminated within eight, 12, 15, 16 and 17 years from the entry into force of the CPFTA.
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