China and Peru sign reinforced free trade agreement during Xi’s APEC Visit

Economic Cooperation of China and Peru

On November 17, 2022, China and Peru signed an upgraded free trade agreement (FTA) during Chinese President Xi Jinping's attendance at the 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Bangkok, Thailand.

The upgraded FTA, which was first signed in 2009, aims to further boost trade and investment between the two countries. It covers a wide range of areas, including trade in goods, services, and investment, as well as cooperation in areas such as e-commerce, intellectual property, and government procurement.

The upgraded FTA is expected to further strengthen the economic ties between China and Peru, which have grown significantly in recent years. In 2021, bilateral trade between the two countries reached US$28.3 billion, a 40% increase from the previous year.

Xi Jinping’s APEC Visit

President Xi's visit to Thailand for the APEC meeting was his first overseas trip since the outbreak of the COVID-19 pandemic in early 2020. During his visit, Xi delivered a keynote speech at the APEC CEO Summit and held bilateral meetings with leaders from other APEC member economies.

In his speech, Xi called for greater cooperation among APEC members to promote economic recovery and growth in the Asia-Pacific region. He also stressed the importance of free trade and investment in driving economic development.

Xi's visit to Thailand was seen as a sign of China's commitment to engaging with the Asia-Pacific region and promoting regional cooperation. It also highlighted the growing economic ties between China and Peru, which are expected to continue to strengthen in the years to come.