Peru looking to expand cooperation

The win-win cooperation between China and Peru is to be deepened in a larger scope of areas, as an array of agreements are expected to be signed during President Xi Jinping's state visit to the Latin American country, Peruvian Ambassador to China Marco V. Balarezo said.

Xi's trip, starting on Wednesday, will be his second visit to Peru in eight years. During the visit, he will hold talks with Peruvian President Dina Ercilia Boluarte Zegarra for an in-depth exchange of views on bilateral relations and cooperation in priority areas.

Balarezo told China Daily in a written interview that high-level exchanges are essential for strengthening mutual trust and friendship and expanding areas of cooperation.

"In recent years, Peru and China have engaged in a very fruitful political dialogue with many meetings at the ministerial level, involving sectors such as infrastructure, health, agriculture, housing, sanitation, finance, economy and foreign relations," Balarezo said.

The most crucial meetings have been the two between both presidents — one in San Francisco last year and the other in Beijing in June — during which important consensus was reached on international, regional and bilateral issues, he said.

Xi's visit to Lima will mark the third meeting between the two presidents within a span of one year.

"Our goal is to strengthen bilateral cooperation in infrastructure, digital economy, green development, digital health and education, and industrialization, among others," the ambassador said.

According to Balarezo, the high frequency of political contact has also contributed to an increase in bilateral trade and Chinese investment.

It was during the Peruvian president's visit to China in June that the two sides announced the conclusion of substantial negotiations to upgrade Peru's free trade agreement with China, aiming to expand bilateral trade by incorporating new areas, such as environmental protection, e-commerce and global supply chains.

"With this upgrade, significant increases in transaction volume are anticipated, as well as greater diversification of Peruvian exports into nontraditional sectors like agriculture and high-value fisheries, among other sectors," he said.

China and Peru enjoy a strong economic and trade relationship. For 10 consecutive years, China has been Peru's biggest trading partner, while Peru has been China's second-largest investment destination in Latin America.

Balarezo said that Chancay Port, a landmark project under the two countries' Belt and Road cooperation, is considered one of the largest port investments in South America.

The inauguration of the port on Thursday by both presidents will establish a direct route from Shanghai to Chancay across the Pacific, reducing dependence on intermediary routes and positioning Peru as a gateway for South American trade with Asia, and China in particular, the ambassador said.

"With this infrastructure, Peru will become a logistics hub for international trade in the Pacific," he said, adding that the two countries are also negotiating an action plan to establish a road map for implementing high-quality Belt and Road cooperation, which was elaborated on by President Xi last year.

Balarezo said that Peru, as the host of APEC this year, is committed to strengthening its ties with the Asia-Pacific region, particularly with China.

In this context, APEC 2024 represents a key platform for promoting new cooperation initiatives, especially in areas such as digital economy integration, green energy transition and inclusive growth, he said.

The ambassador said that China's experience in infrastructure development, digital transformation and poverty reduction is highly valuable for Peru.

Noting that infrastructure has been a fundamental pillar of China's development, Balarezo said that Peru could benefit from the nation's experience in planning and executing large projects that are crucial to improving the country's connectivity, productivity and competitiveness.

China's advancements in digital transformation also offer a road map for closing social and development gaps in Peru, particularly regarding rural communities' access to technology and digital services, he said.