by supplychainreport
Peru and China are set to sign an updated free-trade agreement during Chinese President Xi Jinping’s upcoming visit to the Andean nation, a move expected to boost bilateral trade by at least 50%, Peru’s Foreign Minister Elmer Schialer said Friday.
The new agreement builds on the original pact signed in 2009 and is part of a broader set of 30 agreements aimed at strengthening economic cooperation between the two countries. President Xi will be accompanied by a delegation of around 400 business representatives interested in investing in Peru’s infrastructure and technology projects.
“China is our main trading partner, and this updated agreement is expected to significantly enhance trade activity,” Schialer said. Bilateral trade between Peru and China reached nearly $36 billion last year, according to Peru’s Ministry of Commerce.
Major projects, including the Chancay mega port developed by Cosco Shipping Port, are expected to play a key role in expanding Peru’s trade capabilities. “The port will launch Peru to another level of trade,” Schialer added. It is scheduled to be inaugurated virtually by Peruvian President Dina Boluarte and President Xi from the government palace in Lima on Nov. 14.
Peru’s mining sector holds $54 billion in projects, while planned infrastructure projects total $157 billion, with China showing strong interest in these developments, according to the minister.
Schialer also noted that Peru anticipates continued U.S. investment interest under both the outgoing and incoming administrations. “We expect an expansion of the United States’ presence in investment, and both administrations have signaled their interest,” he said.
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