Schulz was speaking following Peruvian president Ollanta Humala's address to the parliament plenary in Strasbourg on Wednesday.
Schulz said, "I hope that the free trade negotiations between the EU and Peru will be concluded successfully, and we also hope that the majority in the European parliament will ratify it."
The EU formally approved a free-trade agreement with Peru and Colombia on 31 May, which will be voted on this autumn.
Both the EU and Peru hope that a new free-trade pact will help to foster and promote growth.
Schulz and Peruvian President Humala agreed that cooperation was the best way to achieve growth, with the Peruvian president adding that "we need to work together for development".
Schulz, a German MEP, said that his country has "the largest export compared to the number of citizens".
"In 2040 the largest economy in Europe will have only one percent of the world's population," he added.