Peru and China to Sign Enhanced Free-Trade Agreement

Peru and China are set to sign an updated free-trade agreement during President Xi Jinping's visit, expected to boost trade by 50%. The agreement, originally signed in 2009, will be complemented by 30 other agreements. Chinese interest in Peru's infrastructure and mining projects is notably high.

Peru and China are poised to enter a new era of economic cooperation with the forthcoming signing of an enhanced free-trade agreement during President Xi Jinping's visit to Peru. This move is anticipated to bolster trade between the two countries by at least 50%, according to Peru's Foreign Minister Elmer Schialer.

The updated agreement, originally established in 2009, will be accompanied by 30 additional agreements, aiming to strengthen bilateral ties. China, Peru's leading trade partner, accounted for nearly $36 billion in trade last year as reported by the Peruvian Ministry of Commerce.

China shows significant interest in Peru's mining and infrastructure sectors, with large projects like the Chancay mega port in development. The port, led by Cosco Shipping Port, is expected to elevate Peru's trade status significantly. In a virtual inauguration ceremony, President Dina Boluarte and Xi Jinping will mark this milestone on November 14.

(With inputs from agencies.)