Peruvian President Dina Ercilia Boluarte Zegarra has embarked on a five-day state visit to China, marking the first such visit by a Peruvian leader in eight years. Kicking off in Shenzhen, located in south China's Guangdong Province, President Boluarte will also visit Shanghai, Suzhou in Jiangsu Province, and Beijing during her trip.
Since establishing diplomatic ties on November 2, 1971, China and Peru have evolved into comprehensive strategic partners. The current surge in bilateral cooperation signifies a robust partnership that is gaining momentum like never before. President Boluarte's visit is a significant milestone, expected to deepen political trust and elevate economic collaboration between the two nations.
Amidst an era of geopolitical turmoil and global uncertainties, the enduring friendship between China and Peru showcases resilience and mutual commitment. Peru has emerged as the fourth largest trading partner to China among Latin American countries, a testament to the strengthening economic bonds.
The ongoing seventh round of Free Trade Agreement (FTA) negotiations this month is propelling China-Peru trade to new heights. According to AmĂ©rica EconomĂa, a leading Latin American magazine, Peruvian exports to China surpassed $25 billion in 2023, resulting in a substantial $13 billion trade surplus. This marks a remarkable increase from 2008, when the surplus stood at $3.55 billion.
Peru's economic outlook is equally optimistic. The Central Reserve Bank of Peru has raised its economic growth forecast from 3 percent to 3.1 percent this week, reflecting positive economic momentum.
China has long been Peru's main trading partner, with Peruvian exports including copper, silver, zinc, and iron finding a strong foothold in the Chinese market. Additionally, Peru's fishing and agricultural products, textiles, and chemicals are highly regarded in China. A key highlight of this partnership is the Chancay Port Complex megaproject, primarily sponsored by Cosco Shipping under the Belt and Road Initiative. Set to be inaugurated in November, this project will reduce sea travel time between Chancay and Shanghai to approximately 20 days, establishing a new cross-Pacific shipping artery.
As China and Peru continue to navigate the complexities of the global landscape, their reinforced partnership stands as a beacon of sustained economic growth and strategic collaboration.
Reference(s):
cgtn.com
