The idea of such a trade agreement was formally proposed for the first time by Peruvian Trade Minister Mercedes Aréoz to her Chinese counterpart Bo Xilai on 18 November 2006 at the 2006 APEC Summit.  In February 2007, the two ministers approved a feasibility study that was successfully completed six months later.  On 7 September 2007, Chinese President Hu Jintao and Peru President Alan Garcia announced the official opening of negotiations at the 2007 APEC Summit.  The first round of negotiations took place in Lima between 20 and 23 January 2008. the second round was held in Beijing from 3 March to 7 March of the same year.  The third round was also held in Beijing in May.  On 19 November 2008, President Alan Garcia announced that the two sides had concluded negotiations on trade pacts and that the agreement would be signed in the coming months.  Trade between Thailand and Peru has grown exponentially since the adoption of the free trade agreement in December 2011. Thailand mainly imports minerals (zinc, copper) and foods such as flour, fishmeal, fish pellets, fresh grapes and peruvian squid. There are still positive effects of this agreement in Peru, as many Thai companies are considering investing in Peru. As a result of this agreement, more and more Thai companies are opening their doors in Peru.
This external agreement came into force in 2009. It covers 100% of the products traded between Singapore and Peru. This free trade agreement facilitates food trade, as it has improved the previously ambiguous transparency regarding the quality of health and plant health hygiene. With regard to the creation of a business, Peru and Singapore agreed to ensure that the other party`s companies were able to compete on an equal footing with domestic suppliers for government orders above certain thresholds. It is the largest trade organization in the world. Peru has been a member of the WTO since its inception in 1995. The rules governing trade between almost all countries of the world are discussed within this institution. Peru is located in the 164 largest trading nations in the world.
So far, all trade agreements with the WTO have been ratified by Peruvian national law. Peru is well represented all over the world. The peru-South Korea Free Trade Agreement came into force in 2011. South Korea is the third Asian country to sign a free trade agreement with Peru. This free trade agreement has a 10-year validity period and its main objective is trade: to make trade tax-free in order to stimulate trade in goods and services. This agreement gave Peru access to a huge market for fresh agricultural products. Since 2012, there has been a free trade agreement between Mexico and Peru.