Peru and the Persian Gulf countries—made up of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates—agreed to establish bilateral dialogue mechanisms to increase trade, investment, and cooperation in strategic areas.
To achieve this goal, the Foreign Minister of the Republic of Peru, Elmer Schialer, and the Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Al Budaiwi, signed a Memorandum of Understanding for the establishment of consultations on matters of common interest between the Peruvian Ministry of Foreign Affairs and the GCC General Secretariat.
As part of the Foreign Minister's visit to Riyadh, Peru becomes the first country in the region to formalize a dialogue instrument with the GCC, a bloc comprised of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates.
In this regard, Peru and the GCC adopted an Action Plan that establishes joint priorities and strategies to increase trade, investment, and cooperation in strategic areas.
During the meeting with the GCC Secretary General, the Foreign Minister proposed initiating negotiations for a trade agreement between Peru and the Gulf bloc.
Minister Schialer highlighted Peru's capacity to play a crucial role in the GCC's food security programs, considering that the GCC imports, on average, 85% of its food.
The Foreign Minister also highlighted the fundamental role that Peru and the GCC play as regional hubs, thanks to their modern and extensive ports and strategic geographic location.
Bilateral meetings
Minister Schialer, yesterday in Riyadh, accompanied by the Minister of Energy and Mines, Jorge Montero, held an important meeting with the Minister of Foreign Affairs of the Kingdom of Saudi Arabia, Prince Faisal bin Farhan Al Saud, during which they reviewed the bilateral agenda and multilateral issues of common interest for nearly an hour.
The positive state of bilateral relations was highlighted, aimed at promoting a substantial increase in trade and investment between the two countries.
Therefore, the Saudi Foreign Minister valued the prompt signing of the General Cooperation Agreement, which the two countries have been negotiating, as a key element. Foreign Minister Schialer pledged to accelerate this process.
This final day in Saudi Arabia also included a meeting with the Minister of Industry and Mineral Resources of that country, Bandar Alkhorayef, to whom he presented Peru's significant investment opportunities in the mining sector, with a project portfolio valued at more than $63 billion.
Likewise, the possible presence of Peruvian mining companies in Saudi Arabia was explored, a sector that this country is beginning to value.
The overall assessment of Foreign Minister Schialer's visit to the Gulf countries, after an absence of more than fifteen years, is extremely positive.
In all four countries, the clear political will to work on issues of common interest was evident, such as the supply of agricultural products to this immense market, which imports more than US$70 billion worth of these goods annually.
Furthermore, there was a willingness to come to Peru to invest in all types of infrastructure, from large projects to smaller ones with social impact.
The willingness to jointly address the logistical challenges that remain to be resolved, as well as to promote cultural and educational activities that strengthen a "diplomacy of and for the people," bringing the Gulf nations and Peru closer together.
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Published: 5/2/2025