In a remarkable display of economic collaboration, China has solidified its position as Peru's largest trading partner. As the APEC Economic Leaders' Week unfolds in Peru, bilateral trade between the two nations soared to an impressive $37.69 billion in 2023. This figure accounts for nearly one-third of Peru's total foreign trade, highlighting the significant role China plays in Peru's economy.
Over the past decade, the China-Peru trade relationship has experienced substantial growth, driven by robust free trade agreements and mutual investment initiatives. Notably, Peru stands out as the first Latin American country to sign a comprehensive package of free trade agreements with China, paving the way for increased market access and economic cooperation.
Experts believe that this flourishing trade partnership not only boosts economic prosperity for both countries but also fosters deeper cultural and technological exchanges. As China and Peru continue to explore new avenues for collaboration, the future looks promising for sustained growth and strengthened bilateral relations.
Reference(s):
cgtn.com
