A quiet revolution is underway in the bustling port city of Chancay in Peru. Over the past two years, this once-overlooked coastal town has transformed into a regional transportation hub.
Thanks to significant investment from China, Chancay is now home to a high-tech megaport equipped with unmanned cranes and 5G technology. Once operational, the port will accommodate the world's largest cargo ships, handle up to 1.5 million twenty-foot equivalent units (TEUs) annually, and significantly reduce shipping times. The first phase of the project will cut the sea shipping time from Peru to China to just 23 days, reducing logistics costs by at least 20 percent.
The port's benefits extend beyond Peru, serving as a regional logistics hub for all of Latin America. Businesses from countries such as Brazil, Venezuela, Bolivia, Paraguay, and Argentina will rely on Chancay as a key departure point for trade with Asia.
Chancay is just one piece of a much larger puzzle. Globally, China is deepening its engagement in industrial cooperation, promoting free trade and investment, and advocating for an open world economy.
One of China's key global trade strategies involves signing free trade agreements (FTAs) with various countries. According to data from the Commerce Ministry, as of the end of April, China has inked FTAs with 29 countries and regions across Asia, Oceania, Africa, and Latin America. Trade with these partners accounts for roughly one-third of China's foreign trade.
The numbers tell a compelling story. In 2022 alone, trade volumes with FTA partners surged by 8 percent, outpacing China's overall trade growth of 7.7 percent. For countries like Chile and New Zealand, these agreements have unlocked opportunities for goods ranging from cherries to dairy products, which now enjoy tariff-free access to Chinese markets.
\"The signing of FTAs allows the ever-expanding Chinese market to be shared globally. This facilitates the complementary advantages of resources among participants, making it one of the key drivers of global economic growth,\" said Wang Yong, a professor at Peking University's School of International Studies.
Reference(s):
China pushes for open markets amid rising anti-globalization trends
cgtn.com
