On November 15th, it was learned from the Ministry of Commerce that on November 14th, Chinese Minister of Commerce Wang Wentao and Peruvian Minister of Foreign Trade and Tourism Leon, representing their respective governments, signed the "Protocol between the Government of the People's Republic of China and the Government of the Republic of Peru on Upgrading the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Peru" in Lima, Peru. The two sides signed a free trade agreement in April 2009, launched negotiations to upgrade the agreement in November 2018, and substantially completed it in June 2024. On the basis of the original free trade agreement, the upgraded protocol further improved seven original chapters of the agreement, including rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, intellectual property, trade in services, temporary entry of business personnel and investment, and added five new chapters, including standards and conformity assessment cooperation, competition policy, e-commerce, global supply chain, environment and trade. Signing the upgrade agreement is conducive to tapping into the potential of bilateral trade and investment cooperation, creating a better business environment for enterprises of both countries, further protecting and promoting two-way investment, and bringing more tangible benefits to enterprises and people of both countries. After signing, both parties will follow their respective domestic legal approval procedures to promote the early implementation of the upgraded protocol. (New Society)