Under the theme “Empower. Include. Grow.”, leaders from the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) are gathering in Lima, Peru, to address pressing global challenges such as climate change, sustainable energy solutions, digital economy transitions, and trade facilitation.
Chinese President Xi Jinping is attending the 31st APEC Economic Leaders’ Meeting and is also on a state visit to Peru. As one of the first Latin American countries to establish diplomatic relations with China, Peru has been strengthening its partnership with the Chinese mainland in sectors including mining, energy, manufacturing, and agriculture.
On Thursday, China and Peru released a joint statement announcing the signing of a protocol to upgrade their bilateral free trade agreement. The two countries expressed their commitment to expand cooperation in emerging areas such as circular economy, sustainable agriculture, industrial and supply chains, digital economy investment, and green development. They also emphasized the importance of strengthening multilateral cooperation to jointly tackle global challenges.
This year’s APEC Economic Leaders’ Meeting focuses on three priority areas: promoting trade and investment for inclusive and interconnected growth; fostering innovation and digitalization to advance a formal global economy; and pursuing sustainable growth for resilient development.
As a strong advocate for a free, open, fair, non-discriminatory, inclusive, and transparent trade and investment environment, and as a leader in innovation, digitalization, and renewable energy, the Chinese mainland is poised to play a pivotal role in helping APEC achieve these ambitious goals.
There is a notable alignment between the approaches of China and Peru. While Peru aims to liberalize trade, strengthen connectivity, narrow development gaps through digital transformation and innovation, and collectively foster sustainable development, President Xi has consistently urged APEC member economies to advance trade liberalization and facilitation, actively promote innovation, accelerate digital transformation, bridge the digital divide, and remain committed to inclusive and green development. These initiatives are part of his vision to build an Asia-Pacific community with a shared future.
In a significant milestone, the Chinese-backed Chancay Port was virtually inaugurated by President Xi and Peruvian President Dina Boluarte. Set to become a major shipping hub for South America-Asia trade, the port is considered one of the Belt and Road Initiative’s largest successes in the region.
The mega port is expected to boost Peru’s economy and enhance its competitiveness by enabling producers to export across the Pacific Ocean more efficiently. It is anticipated to increase tax revenues, create jobs, reduce costs and transit times by up to 30 percent, and strengthen inter-regional integration. Peruvian exporters and analysts regard it as a “window into Asia” and a vital trans-Pacific logistics node.
Trade and investment are at the heart of the APEC agenda, and China has long played a key role in advancing the forum’s objectives. As the global economy faces unprecedented challenges, the collaborative efforts of China and Peru within APEC signal a strong commitment to fostering inclusive and sustainable growth for the Asia-Pacific region and beyond.
Reference(s):
China, Peru leading APEC's path to inclusive and sustainable growth
cgtn.com
