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China, Peru to diversify trade focus

Zhao Yinan
Updated: May 23,2015 10:43 AM

Premier Li Keqiang and Peruvian President Ollanta Humala signed deals on May 22 to cooperate on industrial production and transportation in an effort diversify a bilateral economic exchange that had been focused on natural resources.

After a welcoming ceremony with cavalries and a military band, Premier Li Keqiang and President Ollanta Humala witnessed the signing of 10 agreements on investment, transportation, hydropower development, agriculture and education that followed a two-hour meeting.

Also launched was a feasibility study for a transoceanic railroad linking Peru’s Pacific Ocean ports with Brazil’s Atlantic Ocean facilities.

“The construction of the railroad will expand bilateral trade and people exchanges between China and South America, especially with the countries along the Atlantic coast,” Li said after the signing ceremony.

China, Brazil and Peru agreed that the study must be beneficial to economic and social development but also environmentally friendly.

“China respects the culture of Latin America as well as the tropical forestry that has nurtured such a culture,” Li said.

Despite their geographic distance, China and Peru have great potential in cooperation, and such cooperation will not only benefit the two countries, but also the Asia-Pacific region and the continent, Li said.

Peru’s president said the completion of the transoceanic railroad will promote trade and contribute to the economic growth of the three countries involved.

The bilateral free trade agreement between China and Peru took effect in 2010. Since 2012, China has been Peru’s main trading partner and the leading destination for Peru’s exports.