The Asia-Pacific Economic Cooperation (APEC) 2024 summit in Lima is set to enhance the strategic partnership between Peru and China, fostering sustainable growth and innovation. As Peru takes the helm of APEC's pro-tempore presidency, the focus is on empowering, including, and growing through robust policies aimed at strengthening bilateral ties and regional cooperation.
Since joining APEC in 1998, Peru has utilized the platform to advance its economic priorities, champion free trade, and promote economic integration. With two-thirds of its trade in goods linked to APEC economies, including major partners like China, Japan, and the United States, Peru has seen its exports grow tenfold over the past 26 years.
This year's summit presents a pivotal opportunity for Peru to address key areas such as digitalization and the establishment of new free trade agreements. Notably, Peru is set to sign bilateral agreements with Indonesia and China's Hong Kong Special Administrative Region, further opening markets for its agricultural, mining, and fishery sectors.
Peru-China Cooperation
China remains Peru's top trading partner, with exports to China reaching $23.2 billion in 2023. As one of the largest foreign investors in Peru, China focuses on mining, infrastructure, and energy sectors. Peru's status as the second largest copper producer after Chile positions it as a crucial supplier of critical metals essential for global energy transitions.
Environmental sustainability is also at the forefront of Peru-China collaboration. Through APEC, the two nations are advancing green financing and technology sharing initiatives aimed at clean energy investments and sustainable mining practices. An enhanced free trade agreement is expected to be signed during Chinese Premier Xi Jinping's visit to Lima, building upon the existing 2010 agreement. This agreement seeks to improve supply chain resilience and support Peru's digital transformation through technological cooperation in areas like digital payments, e-commerce, and artificial intelligence.
By leveraging APEC's framework, Peru and China are set to drive inclusive and sustainable growth, paving the way for a resilient and interconnected Asia-Pacific region.
Reference(s):
APEC 2024 offers framework to strengthen Peru-China partnership
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