On November 19 Peru time, China successfully concludes negotiations on free trade area (FTA) with Peru and the agreement of China-Peru Free Trade Area is expected to be effective in the second half next year.

The spokesman with Ministry of Commerce of China notes that China and Peru have reached extensive consensus in various fields such as IPR protection.

According to the spokesman, China and Peru agree to conduct IP-related exchanges and cooperation under their respective law and regulation frameworks, and take proper measures to protect IPRs in some specific areas such as genetic resource and traditional knowledge.

Both parties also reach consensus in geographical indication protection. Peru will provide geographical indication protection on China's 22 kinds of products, including Anxi Tieguanyin tea, Shaoxing wine, Fuling tuber mustard, Ningxia Chinese wolfberry, Jingdezhen Ceramics, Zhenjiang vinegar, Puer tea, West Lake Longjing tea, Jinhua ham, Shanxi mature vinegar, Xuanwei ham, Longquan celadon, Yixing boccaro ware, Kurle fragrant pear, Minxian angelica, Wenshan pseudo-ginseng, Wuchang rice, Tongjiang tremella, Bama pork, Taihe black-bone chicken, Fuding Round-The-Year Shaddock, and Nanjing brocade. China also provides geographical indication protection to four products from Peru such as Pisco wine.

China and Peru established diplomatic relations in 1971 and set up all-round cooperation partnership in 2005. Up to date, Peru is China's important trade and investment partner in Latin America. In 2007, the bilateral trade volume hit $6.01 billion, an increase of 49.6 percent year on year. Of the amount, China export $1.68 billion and import $4.34 billion, up 66.4 percent and 49 percent year on year. The two countries also maintain rapid development in sectors such as mutual investment, project contracting and labor cooperation.