China advocates updating its Free Trade Agreement with Peru

RIO DE JANEIRO, BRAZIL – According to official media reports on Friday, China advocates updating and expanding its Free Trade Agreement with Peru to ensure a “safe and stable” investment environment for its companies, including statements by Chinese Foreign Minister Wang Yi.

Wang made this statement during a telephone conversation with his Peruvian counterpart, Oscar Maúrtua, the content of which was published Friday by the state agency Xinhua. The head of Chinese diplomacy stressed that his country had been the leading trade and investment partner for Peru for seven consecutive years.

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In addition to urging the Latin American nation to speed up the renegotiation of the FTA, Wang called for further progress on “key” cooperation projects.

China “is willing to encourage more reputable and reliable companies to invest and do business in Peru, and also to import more quality Peruvian products,” the minister said.

He highlighted the sustained development of bilateral relations “no matter how the international situation may have changed” and underscored common interests and objectives such as domestic development and population rejuvenation.

Wang defined the existing cooperation between the two countries as “south-south” and said that there is “great potential and prospects” in it.

“China will continue to support Peru in safeguarding its sovereignty, dignity, and legitimate rights and interests,” said the diplomat, while confident that the country will also continue to support Beijing’s position on key issues and interests for the Asian nation.

The head of Chinese diplomacy also recalled that his country was the first to provide Peru with vaccines against covid-19 and guaranteed that they would continue to support Lima until it managed to defeat the pandemic.

Meanwhile, according to a note from the Peruvian Foreign Ministry, the Peruvian Foreign Minister conveyed to his Chinese counterpart the interest of President Pedro Castillo in making an official visit to China in 2022 to strengthen bilateral ties and promote Chinese investments in his country.

Maúrtua reaffirmed the interest in continuing and concluding updating the FTA with China to achieve more significant opportunities and benefits from the agreement.

Estimated Chinese investments in Peru amount to US$30 billion.