The Free Trade Agreement (FTA) optimization with China will allow Peru to add new products into our exportable supply, fostering formalization,
"One of the topics we will address at this Leaders' Summit is the signing of the optimized FTA with China, which will include five new chapters and upgrades to seven existing ones," she noted.
The government official pointed out this 14-year FTA has strengthened the economy and brought benefits.
"This optimization will add new products to the trade catalog and provide a shorter route through the Chancay Port," she said in remarks to TvPeru.
Minister Leon noted that Peru's exports surpassed US$44 billion in 2023. The Cabinet member added that exports reached US$53 billion from January to September 2024.
This means the benefits of FTAs and tariff reductions have paid off, she pointed out.
"This relates to citizen improvement. At APEC 2024, Peru will showcase what micro-, small-, and medium-sized enterprises (MSMEs) have (to offer), not just benefiting large companies," Leon stated.
"Peru is in the global spotlight with this APEC forum, and right now, we are an example in terms of investments," she concluded.
21 leading economies
APEC is made up of:
Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Viet Nam.
Together, they account for 62% of world's GDP, 48% of global trade in goods and services, plus 38% of the planet's population.
(END) JJN/MBC/MVB