Peru Roundup: Defence agreement with S.Korea, free trade agreement, the Sun of Peru

Cooperation on minerals

Japanese Prime Minister Ishiba Shigeru and Peruvian President Dina Boluarte affirmed their commitment to strengthening cooperation on minerals during the APEC Leaders' Meeting. They established a 10-year roadmap for enhanced bilateral relations, recognising Peru's crucial role as a mineral resource provider for Japan. The leaders also emphasised collaboration with the Japanese community in Peru, which is noted for having the second-largest population of Japanese descendants in Latin America. This meeting wrapped up Ishiba's diplomatic visit the day before the G20 Summit in Brazil.

Asia-Pacific region

Chinese President Xi Jinping underscored China’s dedication to fostering a more inclusive and balanced Asia-Pacific during his visit to Peru for the APEC meetings. Advocating for themes of empowerment and growth, Xi highlighted global challenges, including unilateralism and protectionism. He pushed for economic governance reform and continued globalization, focusing on initiatives to enhance regional cooperation, bolster cross-border trade, and support small and medium-sized enterprises.

Defence agreement with South Korea

During the Asia-Pacific Economic Summit in Lima, South Korea and Peru signed crucial defence agreements aimed at enhancing Peru's military capabilities. This includes memorandums for the collaborative development of military vehicles, subsurface vessels, and components for fighter jets. Key elements of the agreements encompass the acquisition and technical transfer of K2 Black Panther tanks and wheeled armoured vehicles to bolster the Peruvian Army. Additionally, a significant project is underway to co-develop four submarines for the Peruvian Navy. Furthermore, Korea Aerospace Industries has partnered with Peru’s aviation sector to produce components for the KF-21 Boramae jets.

Free trade agreement

Peru recently signed a free trade agreement (FTA) with Hong Kong to open new export avenues, notably for commodities like avocados, blueberries, and grapes. The FTA aims to streamline trade processes by addressing non-tariff barriers and technical challenges that may hinder bilateral trade. Hong Kong's Chief Executive, John Lee, reinforced the region's favourable business environment, which is expected to be advantageous for Peruvian exporters. The agreement, executed on November 15 during the Asia-Pacific Economic Cooperation Leaders’ Meeting in Lima, represents a significant milestone, making Peru the second Latin American country to secure an FTA with Hong Kong, trailing only Chile.

The Sun of Peru

Vietnamese State President Luong Cuong received the Grand Cross of the Order of ‘The Sun of Peru’ from Peruvian President Dina Boluarte during an official visit on November 13. This honour acknowledged Cuong's impactful role in strengthening the bilateral ties between Peru and Vietnam, coinciding with the 30th anniversary of diplomatic relations between the two nations. Cuong expressed his gratitude, noting that the award epitomises the affection shared between the two countries. He also remarked on their robust partnership and trade connections, with Peru recognised as Vietnam’s sixth-largest trading partner in Latin America.