Peru's trade rules rest on World Trade Organization membership and a trade promotion agreement with the United States
Background
The World Trade Organization's own member information page, headed Peru and the WTO, states that Peru has been a WTO member since 1995 and a member of GATT since 7 October 1951, so its place in the multilateral trading system long predates the WTO itself. That page gathers Peru's goods schedules, services schedules and tariff data, together with its record as complainant and respondent in WTO disputes. Alongside those multilateral rules, the United States Country Commercial Guide for Peru records that the U.S.-Peru Trade Promotion Agreement (PTPA) entered into force in 2009. It states that the PTPA helped drive more than $20 billion in annual two-way goods trade in 2024, up from $9.1 billion in 2009, the year the PTPA entered into force. Under the PTPA, U.S. consumer and industrial goods exports to Peru are no longer subject to tariffs, and the agreement also eliminated tariffs on almost 90 percent of U.S. agricultural product exports.
In plain words
GATT General Agreement on Tariffs and Trade — The multilateral trade agreement that governed world trade rules before the World Trade Organization was set up.
PTPA U.S.-Peru Trade Promotion Agreement — The bilateral free trade agreement between the United States and Peru that removed tariffs on most trade between them.
goods schedules schedules of concessions on goods — A member's binding list of the maximum tariffs it may charge on each category of imported goods.
two-way goods trade two-way goods trade — Exports and imports of merchandise between two countries added together.