Peru and China to sign strengthened free-trade agreement in Xi's APEC visit

COSCO SHIPPING Ports

08/11/2024 22:47

(Adds details)
    By Marco Aquino
       LIMA, Nov 8 (Reuters) - Peru and China will sign an
updated free-trade agreement during President Xi Jinping's
upcoming visit to the Andean nation that would boost commerce by
at least 50% between the countries, Peru's foreign minister said
on Friday.
    In an interview with Reuters, Minister Elmer Schialer said
the Chinese president would travel to Peru with a delegation of
400 business people interested in investing in infrastructure
and technology projects in the country.
    The free-trade agreement was originally signed in 2009 and
the "optimized" version will be signed alongside 30 other
agreements designed to improve cooperation between the
countries.
    "China is our main trading partner, experts say this will
increase that dynamism by at least 50%," Schialer said.
Bilateral trade between the two countries reached nearly $36
billion last year according to data from the Peruvian Ministry
of Commerce.
    China has large mining and infrastructure projects in the
country, including the Chancay mega port by Cosco Shipping Port.
        "The port will launch Peru to another level of trade,"
Schialer said. The port will be "virtually" inaugurated by
Peruvian President Dina Boluarte and Chinese President Xi
Xinping from the government palace in Lima on Nov. 14.
    Schialer added that Peru's portfolio of mining projects
totals $54 billion while its infrastructure projects yet to be
developed total $157 billion. He noted that "China is
particularly interested" in these projects.
    The minister said he doesn't expect changes with the United
States given the recent election of President-elect Donald
Trump.
    "The only thing we hope for and are sure that will happen is
an expansion of the United States' presence in investments," he
said, adding that both the outgoing and incoming US
administration have "given us clear signals of interest" in
terms of investment.   

 (Reporting by Marco Aquino; Writing by Alexander Villegas;
Editing by Kylie Madry and Alistair Bell)
 ((Alexander.Villegas@thomsonreuters.com; +56 9 9818 8538;))