Peru · TRADE
Key Facts
- —Announcement Thailand’s Ministry of Commerce and Peru’s Mincetur jointly announced the substantial conclusion of negotiations.
- —Scope The two sides agreed on goods, services, rules, and institutional provisions.
- —Next step Remaining technical work and legal review must be completed before signature.
- —Investment The protocol in force since 2011 covers goods only; the new agreement adds services and rules.
- —Timeline Substantial conclusion is followed by legal scrubbing, translation, and signature, which can take months.
The deal still faces legal review and translation, but the two governments say the main terms are settled.
Peru and Thailand closed their free trade negotiations in substance on 22 December 2025, in a joint statement from both governments. More than eight months on, the text is finished: Peru’s trade minister, Rogers Valencia, said on 1 September 2026 that the agreement is ready to sign, with signature expected in October or November.
Negotiations Reach Substantial Conclusion
Peru and Thailand announced the substantial conclusion of their free trade agreement negotiations in a joint media statement. Thailand’s Ministry of Commerce and Peru’s Ministry of Foreign Trade and Tourism, Mincetur, made the announcement together.
The deal was closed under Peru’s then trade minister Teresa Mera and Thailand’s commerce minister Suphajee Suthumpun, after the two met at the APEC leaders’ meeting in Korea in November 2025.
Both sides say they have agreed on the key elements: goods, services, rules, and institutional provisions. This means the main shape of the deal is now settled.
What Substantial Conclusion Means
Substantial conclusion is the point at which negotiators agree the shape of a deal. However, legal scrubbing, translation, and signature still follow, and they can take months.
Therefore, the agreement is not yet signed or ratified. Remaining technical work and legal review must be completed before signature.
Next Steps for Peru and Thailand
The two governments will now focus on completing the remaining technical work and legal review. After that, the agreement can be prepared for signature.
The legal review covers the English, Spanish and Thai versions of the text. This process can take several months, so the deal is not expected to be signed immediately.
Peru’s Broader Investment Picture
Meanwhile, Peru’s Ministry of Economy and Finance, the MEF, has identified an investment portfolio of about US$116 billion in projects. Andina reported the figure in 2026, attributing it to an official MEF presentation.
The MEF portfolio is described as a medium-term pipeline of public and private investment in infrastructure and other sectors. This shows Peru is looking to boost its economy beyond trade deals.
Context of the Agreement
This is not the two countries’ first trade agreement. A goods-only protocol between Peru and Thailand has been in force since 31 December 2011 and was updated by a fourth additional protocol that took effect on 15 November 2023.
The joint statement describes the new agreement as expanding and deepening those commitments rather than replacing them. The joint announcement is a significant step forward in their economic relationship.
For Peru, this deal could open new markets in Southeast Asia. For Thailand, it offers access to Peru’s growing economy and its partners in the region.
What the Deal Covers
The concluded chapters cover trade in goods, rules of origin, trade facilitation, customs procedures, technical barriers to trade, trade in services, intellectual property, competition, transparency, temporary entry of business persons, and legal and institutional provisions. Both sides note that substantial conclusion was reached on most, not all, chapter texts.
The announced chapters do not include a standalone investment chapter, though both governments say the outcome will strengthen bilateral investment flows alongside trade.
Political Backdrop in Peru
Peru’s president is Keiko Fujimori, in office since 28 July 2026. Her government has been pushing for more international trade agreements.
Looking Ahead
Once the legal review is complete, Peru and Thailand will sign the agreement. After signature, each country will need to ratify it through their own processes.
Overall, the substantial conclusion is a positive sign for businesses in both countries. They can start preparing for the new opportunities that the deal will bring.
Implications for Trade
This free trade agreement between Peru and Thailand could boost bilateral trade in the coming years. The announcement did come with figures.
Peruvian exports to Thailand reached US$92 million between January and October 2025, led by giant squid, up 120%, blueberries, up 61%, natural colorants, up 86%, and copper, up 22%. Thailand’s Ministry of Commerce put two-way trade at US$464.04 million over the same ten months.
Still, the deal is expected to lower barriers for goods and services. As a result, companies in both countries may find it easier to export and invest.
Frequently Asked Questions
What does substantial conclusion mean for Peru and Thailand?
Substantial conclusion means negotiators have agreed on the main shape of the deal. However, legal scrubbing, translation, and signature still follow, which can take months.
Has the Peru-Thailand free trade agreement been signed?
No, the agreement has not been signed or ratified. Remaining technical work and legal review must be completed before signature.
What areas does the Peru-Thailand trade deal cover?
The deal covers goods, services, rules, and institutional provisions. Both sides have agreed on these key elements.
What is Peru’s MEF investment portfolio?
Peru’s MEF has identified an investment portfolio of about US$116 billion in projects. It is a medium-term pipeline of public and private investment in infrastructure and other sectors.
Connected Coverage
Sources: Mincetur; Thailand Ministry of Commerce; Andina.
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