The pact enters into force following Norway's ratification of the agreement on April 13, the Peruvian Foreign Ministry said Tuesday.
Meanwhile Peru's trade deals with the other EFTA members Liechtenstein and Switzerland have been in force since July 2011 and with Iceland since October last year.
The ministry noted that trade relations with these countries will be strengthened after the entry into force of this pending agreement.
In 2011, trade between Peru and EFTA countries reached about US$6.1 billion.
Created in 1960, the EFTA is a trade bloc which aims to promote free trade and economic integration among its members.