Peru and China to Strengthen Trade Partnership with New Free-Trade Agreement
Peru and China are set to sign an updated free-trade agreement during Chinese President Xi Jinping’s upcoming visit to Peru, expected to increase trade between the two nations by at least 50%, according to Peru’s Foreign Minister Elmer Schialer.
Enhanced Trade Agreement to Fuel Growth
In an interview with Reuters, Schialer shared that the revised free-trade deal, originally signed in 2009, will be accompanied by 30 additional agreements aimed at strengthening economic and strategic cooperation. “China is our main trading partner, and experts believe this will enhance trade dynamics significantly, potentially by 50%,” Schialer explained. Last year, bilateral trade between Peru and China reached nearly $36 billion, as reported by Peru’s Ministry of Commerce.
Chinese Delegation Eyes Peruvian Infrastructure and Technology Sectors
President Xi Jinping will be joined by a 400-member delegation of Chinese business representatives interested in investment opportunities in Peru, particularly in infrastructure and technology. China has already made significant investments in Peru’s mining and infrastructure sectors, including the massive Chancay port project led by Cosco Shipping Ports.
According to Schialer, “The Chancay port project will elevate Peru’s trade capabilities to a new level.” Peruvian President Dina Boluarte and President Xi will officially inaugurate the port virtually from Lima’s government palace on November 14.
Investment Opportunities in Mining and Infrastructure
With a mining project portfolio valued at $54 billion and infrastructure projects worth $157 billion, Peru holds substantial opportunities for international investment. Schialer noted that China has shown particular interest in Peru’s development projects, with prospects for deeper collaboration in these areas.
Stable Relations with the United States Expected
Schialer also expressed optimism about continued economic engagement with the United States, following the recent election of President-elect Donald Trump. “We anticipate increased U.S. investment,” he said, highlighting that both the outgoing and incoming U.S. administrations have signaled interest in supporting Peru’s growth through investment.
This strengthened trade relationship with China, alongside stable relations with the United States, positions Peru for significant economic growth and development in the coming years.
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