China-Peru free-trade talks reach 'substantial conclusion'

China and Peru announced on Friday "the substantial conclusion of negotiations" on the upgrading of a free-trade agreement, six years after the negotiations were launched in 2018.

The announcement was made after President Xi Jinping met in Beijing with visiting Peruvian President Dina Boluarte Zegarra, who is making her first state visit to China since taking office in 2022.

During their meeting, Xi said China is willing to work with Peru to strengthen political mutual trust, deepen practical cooperation, promote mutual learning between the two ancient civilizations and enhance coordination at the multilateral level to take bilateral ties to new heights.

Peru was one of the first Latin American countries to establish diplomatic relations with the People's Republic of China, and was the first Latin American country to sign a comprehensive free trade agreement with China in 2009.

Xi urged the two sides to better align high-quality Belt and Road cooperation with Peru's development needs, push forward cooperation in areas such as minerals and manufacturing, and expand cooperation in emerging fields including new energy and the digital economy.

China welcomes more quality products from Peru and hopes the Peruvian side will provide a favorable legal and policy environment for investment and long-term cooperation from Chinese enterprises, Xi said.

He called for joint efforts to ensure the timely completion of the Chancay Port, a signature project under the Belt and Road Initiative, making the route from Chancay to Shanghai one that brings prosperity to both countries.

The Chinese president said that China will provide more scholarships for young Peruvian students and strengthen bilateral cooperation on education, culture and tourism, thus laying a solid foundation of public support for bilateral ties.

Xi also expressed support for Peru to host the informal APEC leaders' meeting this year, uphold the right direction for Asia-Pacific cooperation, and send out a positive signal to the world on building an open Asia-Pacific economy and promoting global economic growth.

China highly values the development of China-Latin America relations and is willing to work together with Peru and other Latin American and Caribbean countries to promote overall cooperation and build a China-Latin America community with a shared future, he added.

Boluarte, who is scheduled to conclude her five-day visit to China on Saturday, said that investment and cooperation by Chinese enterprises in Peru have not only created a large number of jobs for her country, but also brought advanced expertise and experience.

Peru sincerely admires the great achievements China has made and hopes to expand practical cooperation with China, she said.

After their talks, the two leaders witnessed the signing of an intergovernmental action plan from 2024 to 2029 and multiple cooperation documents covering trade and the economy, scientific and technological innovation, and other fields.