China and Peru have reached a significant milestone in their economic partnership, achieving a “substantial conclusion of negotiations” on upgrading their free trade agreement, according to Chinese state media on Friday.
During a meeting in Beijing, Chinese President Xi Jinping and Peruvian President Dina Boluarte discussed enhancing cooperation in key sectors such as minerals, energy, manufacturing, and agriculture, as reported by state broadcaster CCTV.
The original free trade agreement, signed in 2009, has significantly boosted Peruvian exports. Building on this foundation, the leaders signed several new agreements to further strengthen bilateral ties. Among these agreements is a deal on Peruvian grape exports to China and a memorandum of understanding establishing a Peruvian-Chinese Business Council.
China stands as Peru’s top investor and the primary market for its copper, with Peru being the world’s third-largest producer of the red metal. “China’s interest in key sectors of the Peruvian economy, such as mining, infrastructure, and energy, is fundamental to national development plans, while ongoing investments are a source of employment and a promise of progress,” Boluarte stated.
During her visit to China this week, Boluarte met with executives from several companies and extended an invitation to Xi to inaugurate the Chancay “megaport” in November. This major infrastructure project on Peru’s coast is being developed by the Chinese company Cosco Shipping.
Xi is expected to travel to Peru in November for the Asia-Pacific Economic Cooperation (APEC) summit, a significant event that represents nearly half of the world’s trade. The upcoming summit and the upgraded trade agreement underscore the deepening economic ties between China and Peru, promising further growth and cooperation in the future.