The 2024 APEC Summit will be held in the Peruvian capital from November 10 to November 16, under the theme of"People, Business, Prosperity", fully reflecting APEC's commitment to promoting economic cooperation among member economies, driving economic growth, and achieving common prosperity.
At the invitation of Peruvian President Boluarte and Brazilian President Lula, Chinese President Xi Jinping will attend the 31st APEC Leaders' Informal Meeting in Peru from November 13 to 17 and pay a state visit to Peru.Meanwhile, a delegation of 400 Chinese entrepreneurs who are interested in investing in infrastructure and technology projects in Peru will visit together.
Peru has benefited greatly from its official participation in APEC since 1998. In 2021, the total trade between Peru and APEC member economies reached a record-breaking $67.5 billion, accounting for 67.8% of Peru's total foreign trade. At the "China-Peru APEC Business Breakfast" hosted by the Peru-China Chamber of Commerce on April 9, 2024, Peruvian Foreign Minister Gonzales-Olavecia stated that Peru highly values its trade relations with China and hopes to strengthen cooperation with China through this year's APEC meeting, especially in areas such as infrastructure, technology, and innovation.
On November 8th, Gonzalez announced that Peru and China will sign the latest free trade agreement and 30 other agreements aimed at improving cooperation between the two countries during Xi's visit, which will increase trade volume between the two countries by at least 50%.
According to SUNAT statistics, in the past 14 years, Peru's exports to China have increased by 325.9%, with an annual average growth rate of 13.2%. China has been Peru's top trade partner and main export destination for ten consecutive years. Peru has attracted over $30 billion in investment from China, covering mining, power and energy, infrastructure, and other fields, making China the second largest investor in Latin America. According to data from Peru's Ministry of Commerce, in 2023, the trade volume between China and Peru reached $37.691 billion, accounting for 31.7% of Peru's total foreign trade, surpassing the combined total of Peru's second, third, and fourth trade partners, the United States, the European Union, and Brazil (31.6%). China is the main supplier of Peru's international trade surplus.
According to data from the Central Reserve Bank of Peru, Peru's GDP in 2023 was $267.63 billion, with a per capita GDP of $7,789.87. As of July 2024, Peru's foreign exchange reserves were $74.583 billion.
As one of the world's 12 largest mineral-producing countries, Peru faces both challenges and opportunities in the fields of environmental protection and green economy. By cooperating with APEC member economies, including China, Peru can draw on the experience of other countries and promote the introduction and application of green technologies, achieving a balanced development of economic growth and environmental protection.
Currently, Peru has passed a comprehensive infrastructure development plan, including the 2024 Fiscal Year Public Budget Bill worth 24.1 billion soles and a 37 billion dollar transportation infrastructure construction plan. Peru's Minister of Investment, Elmer Schiale, stated that Peru's mining projects total 5.4 billion dollars, while untapped infrastructure projects total 15.7 billion dollars, with China particularly interested in these projects. China has large mining and infrastructure projects in Peru, including the Qingdao Port Chancay mega-port, which has brought Peru's trade to new levels.
This year marks the tenth anniversary of Xi's proposal to build a China Latin America community with a shared future. Over the past decade, with joint efforts from both China and Peru, the construction of the community of shared future for China-Latin America has achieved new results, marking the beginning of a new era of equality, mutual benefit, innovation, openness, and people-centeredness in China-Latin America relations.
Professor Hans Hendrischke from the Business School at the University of Sydney in Australia said that, in the current climate of rising protectionism and calls for "decoupling and disconnection" by some, APEC, a multilateral forum focused on economic cooperation, plays a more important role than ever before in driving dialogue forward.
Abu Bakr Diab, an adviser to the Egyptian Center for Arab Studies, said that China's Global Development Initiative and other similar initiatives can help promote cooperation among countries to build a more just and balanced development pattern, protect more people from the impact of hunger, poverty, and conflict, and have particularly significant meaning in the current global situation.
Anna Malindog-Uy, deputy director of the Philippine Institute for Asian Century Strategic Studies, said that as one of the most important economic entities in the Asia-Pacific region, China has always been an important advocate and leader in promoting the development and prosperity of the region, particularly in the areas of digital economy, green transition, economic exchanges, and connectivity.
At this APEC meeting, Peru will strengthen communication and coordination with various parties, including China, on many issues. Xi will also discuss development plans with leaders from all parties, consolidate cooperation consensus, gather new forces for regional cooperation, stimulate new momentum for economic globalization, and help the Asia Pacific become a center of world economic growth, an anchor for global development stability, and a highland for cooperation.
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Name: Corinne C Baker
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City: Miami
Country: United States
