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China, Peru take steps to upgrade free trade

By An Baijie in Lima, Peru | China Daily USA | Updated: 2016-11-22 13:11

During a state visit, President Xi says China will encourage its business giants to invest in the South American nation

China and Peru signed a number of cooperative documents on Monday as the two countries look to upgrade their free-trade agreement during President Xi Jinping's state visit.

The signings of the agreements and memorandums of understanding (MOU) were witnessed by Xi and Peru's President Pedro Pablo Kuczynski. The two countries agreed to enhance cooperation in areas including energy, trade, mineral, finance, industrial park and infrastructure.

According to the documents, China agreed to assist with equipment for an archeological museum in Lima.

While talking with Kuczynski, Xi said that the two countries should make full use of production capacity cooperation as a new engine for bilateral economic and trade growth.

The Chinese government will continue to encourage Chinese business giants to invest in Peru, Xi said, adding that the two countries should explore new cooperative areas such as environmental protection, clean energy and information interconnection.

Xi also congratulated Peru for successfully hosting the APEC Economic Leaders' Meeting over the weekend, which could inject new impetus into the economic development of the Asia-Pacific region.

Kuczynski said that Peru welcomed China's investment in areas including minerals, energy, hydropower, traffic and infrastructure.

Peru would like to make a joint effort with China to upgrade the bilateral free trade agreement, he added.

Xi's state visit to Peru came only about two months after Kuczynski, who was sworn in on July 28, made his first foreign visit to China.

On Monday, Xi and Kuczynski also attended the closing ceremony of the China-Latin America and Caribbean 2016 Year of Culture Exchange.

This year marks the 45th anniversary of diplomatic ties between China and Peru. The two countries signed a free-trade agreement in 2009. China is now Peru's biggest trade partner, export market and source of imports, while Peru is China's sixth-largest trade partner in Latin America.

Two-way trade between the two countries reached about $7.2 billion in the first half of this year, up 10.7 percent year on year, according to Chinese official statistics.

The two countries have maintained close cultural and educational exchanges. To date, four Confucius Institutes have been established in Peru.

anbaijie@chinadaily.com.cn

China, Peru take steps to upgrade free trade

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