The first round of PAFTA negotiations was hosted by Peru in Lima from 5 to 7 July 2017. The Australian delegation was led by DFAT and included representatives from the Department of Agriculture and Water Resources, the Department of Finance, the Department of Immigration and Border Protection, the Department of Industry, Innovation and Science, and IP Australia.

The Peruvian delegation was led by the Ministry of Foreign Trade and Tourism and included representatives from a number of Ministries and Agencies, including: Foreign Affairs, Economy and Finance, Agriculture, Energy and Mining, Production, Labor and Promotion of Employment, Environment, Transport and Communications, Education, Investment Promotion, Customs, Securities Market Superintendence, and Housing, Construction and Sanitation.

Australia and Peru exchanged market access offers and discussed text for all prospective chapters during the round. Some negotiating groups agreed to meet intersessionally to progress discussions ahead of the next round, scheduled for August in Canberra.