The official opening of Qiankai Port has brought China-Peru cooperation and Asia-Pacific economic integration to a new level

On November 16, Peruvian President Da uarte announced at a press conference that the official opening of the port marks an important step forward in enhancing Peru’s maritime connectivity capacity and expanding radiation capacity in the Asia-Pacific region. She stressed that the milestone was completed during Chinese President Xi Jinping’s state visit to Peru and that the two heads of state witnessed the historic moment of the opening of Qian Kai Port.

Opening of Chankai Port: a major achievement of China-Peru cooperation

As one of the largest infrastructure projects built in Peru in recent years, the significance of Chankai Port is not only to enhance Peru’s shipping capacity, but also to build a bridge for economic exchanges between the Asia-Pacific and Latin America. As a symbolic project of the cooperation between Peru and China, the opening of the port of Chankai has been highly valued by the Peruvian government and society.

Boruarte pointed out that the Ciancay port will become an important gateway for Peru to link to the Asia-Pacific market and help Peru integrate into the broader economic and trade network in the Asia-Pacific region. “The opening of the Chankai port not only enhances Peru’s international trade competitiveness, but also highlights the new height of the friendship and cooperation between Peru and China,” she said. This port will significantly improve Peru’s logistics and transportation efficiency, reduce the cost of international trade, and inject new impetus into Peru’s economic growth.

Upgrading the China-Peru Free Trade Agreement: a milestone in deepening economic and trade cooperation

In addition to the opening ceremony of Chankai Port, the meeting between the two heads of state also witnessed the signing of the protocol on upgrading the China-Peru Free Trade Agreement. This upgraded version of the agreement further expands the opening areas on the basis of the original free trade agreement and improves the level of trade facilitation. Boruarte called the achievement a “welcome progress”, believing that it will further stimulate the potential of Peru’s exports to China and promote the deepening of bilateral investment and economic and trade relations.

In recent years, China has become Peru’s largest trading partner and an important source of investment, and bilateral economic and trade relations have continued to deepen. Data show that in 2022, the bilateral trade volume between China and Peru exceeded 37 billion US dollars, mainly in minerals, agricultural products and seafood. The upgrade of the free trade agreement will undoubtedly provide more opportunities for Peruvian enterprises to enter the Chinese market, and also create better conditions for Chinese enterprises to invest in Peru’s infrastructure and resource development.

The outcomes of the Asia-Pacific Economic Cooperation (APEC) meetings demonstrate its international influence

The opening ceremony of the Chankai Port and the achievements of China-Peru economic and trade cooperation come as Peru hosts the 31st Economic Leaders’ Meeting of the Asia-Pacific Economic Cooperation (APEC). At the press conference, Boruarte stressed that the meeting was fruitful and injected new impetus into promoting economic integration in the Asia-Pacific region.

During the meeting, the member economies adopted three important documents: the Machu Picchu Declaration of APEC Leaders 2024, the Statement on the New Vision of the FTAAP Agenda, and the Lima Roadmap for Promoting the Transition to a formal and Global Economy. These documents not only clarify the direction of future economic cooperation in the Asia-Pacific region, but also put forward concrete action plans, especially in the areas of trade liberalization, sustainable development and the digital economy.

“The Asia-Pacific region is one of the most dynamic economic regions in the world, and the success of this conference has strengthened Peru’s international standing and diplomatic influence,” Boruarte said. She also noted that Peru demonstrated its role as a driver of regional economic integration in Latin America during the conference, and also demonstrated its responsibility for global economic governance by actively participating in Asia-Pacific affairs.

New opportunities for the integrated development of the Asia-Pacific and Latin America

The opening of the Chankai Port and the upgrading of the China-Peru Free Trade Agreement are not only milestones in bilateral cooperation, but also reflect the broad prospects of economic integration between the Asia-Pacific and Latin America. With the deepening of globalization, the economic ties between the Asia-Pacific region and Latin America have become increasingly close. Peru’s location on the west coast of South America makes it a natural link between the two regions.

Under the framework of APEC, cooperation between Peru and other Asia-Pacific economies, including China, has continued to deepen. Experts pointed out that the construction and operation of Qiankai Port will significantly enhance the function of logistics hub in Latin America, and the upgrade of the China-Peru free trade agreement will provide strong institutional support for the flow of goods, services and capital between the two regions.

Win-win cooperation is the trend of The Times

At the press conference, Boruarte stressed that by deepening cooperation with economies in the Asia-Pacific region, especially with major global economies such as China, Peru can better achieve economic transformation and sustainable development. Such cooperation not only helps Peru achieve its own development goals, but also provides strong support for promoting common prosperity in the Asia-Pacific and Latin America.

Looking ahead, China and Peru will further expand cooperation in areas such as infrastructure, energy, agriculture, minerals and digital economy. As Boruarte said, “Win-win cooperation is the core of bilateral relations and the cornerstone of future development.”

The opening of the port of Chankai not only marks a new height of the cooperation between Peru and China, but also symbolizes a new opportunity for regional integration and development in the Asia-Pacific and Latin America. In the tide of globalization and regional economic integration, China-Peru cooperation has provided a vivid example of promoting the common goals of APEC and injected new vitality into global economic recovery. Through opening up and cooperation, the friendly relations between and China Peru will be further deepened, creating more opportunities for the development of the two peoples and the entire Asia-Pacific – Latin America region.