The Asia-Pacific Economic Cooperation (APEC) provides a vital platform for its 21 member economies to foster inclusive and sustainable growth through cooperation and trade. As APEC 2024 approaches, Peru is poised to leverage this opportunity to strengthen its partnership with China, aiming to bolster economic ties, enhance digital transformation, and promote environmental initiatives.
Since joining APEC in 1998, Peru has utilized the forum to integrate more deeply into the global economy. Hosting the APEC Leaders’ Meeting for the third time, Peru aims to address critical issues such as accelerating digitalization and reinforcing bilateral connections within the dynamic Asia-Pacific region. With two-thirds of Peru’s trade in goods involving APEC economies, the forum has been instrumental in expanding trade and investment opportunities.
Moreover, Peru has utilized APEC as a platform to pursue Free Trade Agreements with other economies. The Peruvian government anticipates signing new bilateral agreements with Indonesia and the Hong Kong Special Administrative Region during the upcoming meeting. These agreements aim to enhance market access for Peruvian goods, particularly in the agricultural, mining, and fishery sectors, aligning with the country’s priorities for economic diversification and export growth.
China stands as Peru’s top trading partner and a significant investor, particularly in sectors like mining, infrastructure, and energy. In 2023, Peruvian exports to China reached $23.2 billion, accounting for 36 percent of the country’s total exports. As the world’s second-largest copper producer, Peru plays a crucial role in supplying critical metals to meet global demand amid energy transition efforts.
APEC 2024 presents a strategic opportunity for Peru to enhance its partnership with China. The anticipated visit of President Xi Jinping to Lima could see the signing of an enhanced Free Trade Agreement, building upon the existing 2010 agreement. This development aims to explore new areas of cooperation, particularly in improving supply chain resilience and technological collaboration.
Technological cooperation is a key focus, with Peru seeking to advance its digital transformation goals. China’s expertise in digital payments, e-commerce, and artificial intelligence offers valuable models for Peru as it works to modernize its digital infrastructure. Additionally, both nations are looking to strengthen green initiatives, such as clean energy investments and sustainable mining practices, to achieve mutual environmental objectives.
Peru’s strategic engagement within APEC underscores its commitment to economic diversification and export growth. By fostering stronger ties with China, Peru aims to leverage new opportunities for trade, investment, and technological advancement. As the APEC Leaders’ Meeting approaches, the partnership between Peru and China stands to contribute significantly to inclusive and sustainable growth in the Asia-Pacific region.
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APEC 2024 offers framework to strengthen Peru-China partnership
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