A Free Trade Agreement (Tratado de Libre Comercio Perú – China) was announced at a summit in Lima, Peru, between President Alan Garcia and Hu Jintao, read CNN article about it here. Bi Mingxin of Xinhua wrote that a spokesperson of the Ministry of Commerce (MOFCOM) told that the Free Trade Agreement (FTA) between the People's Republic of China and Peru will become effective in the second half of 2009, read here.
"The two sides also reached consensus on a variety of issues including investment, intellectual property rights and customs regulations, the MOC [MOFCOM] official added."
First the Ministry of Foreign Trade and Tourism of Peru and the Ministry of Commerce of China did a feasability study, see here. The pages 137-141 are about intellectual property rights.