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New Peruvian President Visits Mainland China to Strengthen Economic Ties

New Peruvian President Pedro Pablo Kuczynski met with Chinese President Xi Jinping and other high-ranking government officials and business representatives as part of his mid-September visit to mainland China. Mr. Kuczynski chose mainland China for his first official trip abroad as president in an attempt to reinforce Peru’s strategic partnership with Beijing and advance efforts to attract more infrastructure investment. The two sides held discussions on a range of topics, including matters related to infrastructure, energy, customs co-operation and the industrialisation of the Peruvian mining sector.

President Kuczynski is expected to embrace Peru’s current commitment to open and free markets and continue to pursue an international policy that focuses on actively engaging global and regional markets through trade and investment. Broadly speaking, he is proposing to further strengthen Peru’s international trade position by achieving greater diversification in the number of foreign markets where Peruvian goods and services are sold, including by negotiating additional trade agreements and continuously revising and updating current agreements. Mr. Kuczynski is proposing to finalise the on-going FTA negotiations with Turkey, launch trade talks with India, negotiate additional agreements for the avoidance of double taxation and promote the domestic ratification of the Trans-Pacific Partnership.

The Kuczynski administration is committed to adopt trade and economic promotion policies aimed at strengthening the international position of Peruvian companies, particularly small- and medium-sized enterprises, and is expected to improve and simplify customs procedures in an effort to turn Peru into a regional logistics hub. One of Mr. Kuczynski’s goals is to increase by at least 50 percent the number of Peruvian companies involved in international trade activities. Mr. Kuczynski also wants to establish a fully-fledged electronic single window for trade operations by 2017 and develop draft legislation for the promotion of services exports by 2018. Moreover, he intends to improve Peru’s bi-lateral relationship with Mainland China, Brazil, India and various other trade partners.  

While the Kuczynski administration has not issued any public statements regarding Hong Kong, Peru’s economic and foreign affairs policies are expected to place a considerable emphasis on the Asia-Pacific region in general and mainland China in particular. At the same time, the new government is expected to expand Peru’s already trade- and market-friendly policies. This is likely to have a positive impact on Hong Kong, especially if it can take advantage of on-going efforts by Peru to attract foreign investment, expand co-operation, and further expand its exports to mainland China and other Asia-Pacific markets.

Peruvian Minister of Foreign Trade and Tourism Eduardo Ferreyros Küppers, who accompanied President Kuczynski during his visit to mainland China, announced that Wanda Group representatives have agreed to travel to Peru to assess potential investment opportunities in the tourism sector. Mr. Ferreyros Küppers said that Peru has already adopted measures to ease visa requirements for mainland Chinese tourists and business persons and is now seeking to facilitate the stay of mainland Chinese tourists in the country. As part of those efforts, the Peruvian government is hoping to attract mainland Chinese investment to further enhance Peru’s tourism infrastructure, including hotels.

Mr. Ferreyros Küppers also indicated that China Eastern Airlines has agreed to carry the first shipment of Peruvian blueberries and prawns to mainland China on 21 November following the expected approval earlier that month of the phytosanitary protocols for those two products. Peruvian officials also hope to successfully negotiate similar protocols on quinoa and pomegranate in the future.

Content provided by Picture: HKTDC Research
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