China, Peru recommit to expanding trade links

President says nations should continue to improve energy, mining cooperation

China and Peru have renewed their commitment to strengthening trade links as the Latin American nation’s leader seeks further investment opportunities in the world’s second-largest economy.

Meeting with his Peruvian counterpart Pedro Pablo Kuczynski on Tuesday, President Xi Jinping said the two nations should continue to enhance cooperation in energy, mining and infrastructure construction and bolster a free trade agreement that was implemented in 2010.

Kuczynski, the 78-year-old former minister of minerals and economy, chose China as his first overseas trip after winning June’s presidential election.

He told Xi the reason for this is that he admires China’s efforts to make itself the largest industrial country and a key player in international affairs. He also wants to open the minerals and infrastructure markets wider to Chinese investors and encourage more Chinese tourists to visit Peru.

Kuczynski also invited Xi to attend the Asia Pacific Economic Cooperation Informal Leaders’ meeting in Lima in November. Peruvian media reports said Kuczynski believes that a personal invitation— following Asian tradition —is courteous and more appropriate.

Kuczynski told Peru’s RPP radio station, “The trip to China is highly important for both symbolic and economic reasons.”

Accompanied by four ministers and more than a dozen business leaders, Kuczynski is scheduled to hold a series of meetings with major Chinese entrepreneurs to seek more opportunities for cooperation.

After their meeting, Xi and Kuczynski oversaw the signing of three agreements that included cooperation

The trip to China is highly important for both symbolic and economic reasons.” Pedro Pablo Kuczynski, president of Peru

on broadcasting and establishing a cultural center in each country.

Xu Shicheng, a senior researcher of Latin American studies at the Chinese Academy of Social Sciences, said Kuczynski’s visit underscores China’s growing ties with Peru.

“Bilateral trade and investment have made rapid progress in recent years, especially investment from China,” he said, adding that the trip shows the importance of China in Peru’s economic development.

China is Peru’s largest trading partner and major investor in the mining sector. Last year, bilateral trade exceeded $16 billion and Chinese investment in mineral industries reached $19 billion, according to the Peruvian Foreign Ministry.

Wang Zhen, a researcher of Latin American studies at the China Foundation for International Studies, said the APEC invitation shows that both the president and the new Peruvian government highly value China’s participation in this meeting and the important role China plays in APEC.

Kuczynski’s five-day visit will end on Friday in Shanghai, after which he will head to the United States to attend the 71st session of the UN General Assembly.