During the Asia Pacific Economic Cooperation (APEC) Leaders’ week in Lima, Peru and China have expanded and improved their existing free trade agreement. This significant development opens up the Chinese marketplace to a wider array of Peruvian exports, potentially unlocking new economic opportunities for both nations.
The enhancement of the free trade agreement aims to deepen economic ties between Peru and China. By broadening the scope of goods and services exchanged, the two countries seek to boost trade volumes and foster cooperation across various sectors.
This move is expected to have a positive impact on Peru’s economy by providing access to China’s vast consumer market. Peruvian exporters stand to benefit from reduced trade barriers, enabling them to offer competitive products to Chinese consumers.
As reported from Lima, the strengthened agreement could pave the way for increased economic growth and mutual prosperity, marking a new chapter in Peru-China relations.
Reference(s):
cgtn.com
