The Ministry of Foreign Trade and Tourism (Mincetur) announced that the value of Peruvian exports to China grew at an annual average of 12,7%, during the 13 years of the Free Trade Agreement between Peru and China. In this period, shipments of traditional products grew by 12,8%.

At the event "13 Years of the Peru-China FTA: Analysis and Commercial and Investment Results", organized by the Peruvian-China Chamber of Commerce, Minister Juan Carlos Mathews highlighted that in 2022 Peruvian shipments to this Asian market reached US$ 20,674 million, where 98,6% were products included in duty-free access categories.

“It is important to highlight the growth of non-traditional shipments, which have the highest added value and generate more employment. These have grown on an annual average of 11% in the 13 years of the agreement, where the mechanical metal and agricultural items stand out for their growth of 29% and 27%, respectively,” added the head of the Sector.

Likewise, during the 13 years that the Peru-China FTA has been in force, 923 new products have been exported to said market. Of these, 96,6% belong to the non-traditional sector, highlighting the items of mechanical metal, with a participation of 27,3%; textile, with 16,3%; chemical, with 15,7%; and agriculture, with 12%.

Of this last item, 111 new products have been exported. China has been Peru's main trading partner for the last 8 consecutive years. In 2022, trade with China reached US$ 34,8 billion, with copper and iron being the main exported products. In that year, agricultural exports were around US$ 300 million, the main goods being blueberries, grapes, avocados, and tangerines.

In terms of investment, China stands out as the Asian country with the highest foreign direct investment in Peru. In the last 20 years, more than US$13 billion in foreign investment from this country has been registered in Peru, generating more than 18 jobs through 32 registered projects.

Optimization of the free trade agreement between Peru and China

During his presentation at the event, Minister Mathews announced that the 5th round of negotiation of the FTA Optimization process between Peru and China will take place from May 30 to June 2 in Beijing.

"From Mincetur, we continue to promote this negotiation to improve the aspects that we have identified that must be updated, for the benefit of exporters, importers and economic operators. Work is underway on issues such as investment, trade facilitation, customs and digital aspects, ”he added.

As recalled, the Free Trade Agreement between Peru and China entered into force on March 01, 2010. It covered issues such as trade in goods, rules of origin, trade defense, services, investments, temporary entry of business persons, measures sanitary and phytosanitary, among others.