China, Peru face challenges, opportunities in trade
Updated: 2015-04-18 16:10
(Xinhua)
|
|||||||||||
LIMA - China and Peru Thursday reiterated their mutual desire to secure the future of bilateral ties with clear goals at a forum marking five years of the free trade agreement (FTA) between the two countries.
Addressing the forum, held at the University of the Pacific, Chinese Ambassador Huang Minhui said "the current global situation is very important to the development of the economic, trade and cooperation ties between our two countries," highlighting challenges and opportunities ahead.
While the global outlook is less than encouraging, given the fluctuating prices in the international market, "both countries share a strong political will and amply agree on continuing to promote the FTA," the ambassador said.
The bilateral FTA between the two countries took effect in 2010. Since 2012, China has been Peru's main trading partner and the leading destination for Peru's total exports. In 2014, China also became its main supplier of capital goods and leading investor, with $18 billion.
Peru's Minister of Foreign Trade and Tourism, Magali Silva, said the government was working to diversify domestic production by boosting nontraditional exports, such as seaweed meal, giant squid, fruit and vegetables, to reduce its reliance on raw material exports.
As part of that push, Peru's nontraditional exports to China reached more than $467 million at the end of 2014, double that four years ago. The goal is to reach "$25 billion in 10 years," Silva said, and Peru is working with China on sanitary, phytosanitary and customs issues "to increase our products in that market."
The representative of the Association of Peru's Agrarian Products Unions (AGAP), Ana Deusta, said among the challenges facing the South American country was increasing its agricultural and fisheries production, and seeking new options in a market such as China, where the demand for foodstuffs is growing steadily.
Economist Fernando Gonzales-Vigil said FTAs such as the one signed between Peru and China are fulfilling the objective of diversifying domestic production and providing added value.
He said the positive aspect of the bilateral relationship was that it had built a strategic partnership, whose strength was consolidating not just trade, but also investment exchange, through the presence of China's ICBC in the country, one of the five largest banks in the world.
Former Deputy Minister of Foreign Trade and Tourism and manager of FTAs, Pablo de la Flor, noted that the Peru-China agreement initially sparked concern at home, mainly because of the disparate size of their economies.
However, as the agreement was founded on "mutual and complementary interests," it has developed at a "balanced pace" and should continue to do so in the future.
Related Stories
Peru seeks to bolster strategic ties with China 2013-04-04 16:54
Peru seeks to attract tech investment from China 2013-04-09 11:25
Peru expects to diversify exports to China 2012-12-11 11:04
CNPC sees to invest at least $2b in Peru 2014-05-28 14:34
Chinalco copper mine starts in Peru 2013-12-12 17:09
Today's Top News
Russia willing to restore relations with Kiev: Putin
Asian markets jumpstart UK car industry
Smog magnifies staffing woes for EU firms
Silk Road initiatives to connect people's hearts
AIIB to operate in 'transparent way'
PLA to buy advanced missiles from Russia
EU accuses Google of hurting consumers, competitors
Q1 economic data: what the economists say
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
What do we know about AIIB |
Full coverage of Boao Forum for Asia |
Annual legislative and political advisory sessions |
Festival Special: Apps that make holiday shopping easier |
Listed firms caught in anti-corruption net |
Conca set to return to China |