The 31st APEC Economic Leaders' Meeting is set to mark a significant step towards inclusive and sustainable growth, with China and Peru taking the lead. Under the theme \"Empower. Include. Grow.\", leaders from APEC's 21 member economies, representing two-thirds of the world's GDP and half of global trade, are converging in Lima, Peru's vibrant capital.
Chinese Premier Xi Jinping is spearheading China's state visit to Peru, coinciding with the APEC summit. This visit underscores the deepening ties between the two nations, with Peru being one of the first Latin American countries to establish diplomatic relations with the Chinese mainland. The collaboration spans key sectors such as mining, energy, manufacturing, and agriculture.
In a joint statement released on Thursday, China and Peru expressed enthusiasm about upgrading their bilateral free trade agreement. They highlighted their commitment to integrating projects in emerging domains like the circular economy, sustainable agriculture, industrial supply chains, digital economy investment, and green development. This partnership also emphasizes the importance of strengthening multilateral cooperation to address global challenges collectively.
The APEC summit this year is centered around three primary areas: fostering trade and investment for inclusive and interconnected growth, promoting innovation and digitalization to facilitate the global economy's transition, and ensuring sustainable growth for resilient development.
China's role as a champion of a free, open, fair, and transparent trade environment positions it as a pivotal player in achieving APEC's ambitious goals. President Xi has been a vocal advocate for advancing trade liberalization, accelerating digital transformation, bridging the digital divide, and committing to inclusive and green development, aiming to build a shared future for the Asia-Pacific community.
A landmark achievement of the summit is the virtual inauguration of the Chinese-backed Chancay Port by Xi Jinping and Peruvian President Dina Boluarte. This mega port is poised to become a major shipping hub, enhancing South America-Asia trade. Recognized as one of the Belt and Road Initiative's significant successes in the region, the Chancay Port is expected to boost Peru's economy by increasing exports across the Pacific Ocean, elevating tax revenues, creating jobs, reducing costs and time by up to 30%, and strengthening inter-regional integration. Peruvian exporters and analysts view it as a \"window into Asia\" and a crucial trans-Pacific logistics node.
Trade and investment remain at the heart of APEC's agenda, with China playing a crucial role in advancing the forum's objectives. As the summit progresses, the collaboration between China and Peru exemplifies the potential for shared growth and sustainable development within the Asia-Pacific region.
Reference(s):
China, Peru leading APEC's path to inclusive and sustainable growth
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