During the Asia Pacific Economic Cooperation (APEC) Leaders’ Week in Lima, host country Peru and China announced the expansion and enhancement of their existing free trade agreement. This development aims to open the Chinese marketplace to a broader range of Peruvian exports, fostering new economic opportunities between the two nations.
The improved agreement is expected to bolster trade by reducing tariffs and simplifying import procedures for Peruvian goods entering China. This move could significantly benefit Peru’s exporters, particularly in agriculture, mining, and manufacturing sectors, by providing greater access to one of the world’s largest markets.
Peruvian officials expressed optimism about the potential for increased trade volumes and stronger bilateral relations. “This enhanced agreement marks a new chapter in Peru-China relations,” said a spokesperson from the Peruvian Ministry of Foreign Trade and Tourism. “We anticipate not only economic growth but also the strengthening of cultural and political ties.”
Chinese representatives echoed this sentiment, highlighting the mutual benefits of the expanded agreement. “China values its partnership with Peru,” stated a representative from the Chinese delegation. “By improving our trade agreement, we aim to promote shared prosperity and deepen our cooperation in various fields.”
Economic analysts suggest that the expanded trade agreement could attract foreign investment and encourage innovation within Peru’s industries. By tapping into China’s vast consumer base, Peruvian businesses have the opportunity to increase their global competitiveness and drive domestic economic development.
The agreement’s expansion aligns with both nations’ goals of promoting free trade and economic integration within the Asia-Pacific region. As members of APEC, Peru and China continue to collaborate on initiatives that encourage sustainable growth and regional connectivity.
Reference(s):
cgtn.com
