Time for Peru and China to take economic relations to next level, says Peruvian expert

LIMA - Peru and China are in the right time to further promote their economic ties to higher level, said Peruvian economist ahead of Chinese President Xi Jinping's visit to the South American country.

"The most important task is now to consolidate the advances in economic relations made since Peru and China began their free-trade agreement (FTA) in 2010," said Peruvian economist Fernando Gonzalez.

In terms of China's vision of Peru, the director of the APEC Studies Center, explained that "China has a very clear strategy based on continued results, boosting its own production chain for industry and services, and seeing ever more sophisticated technological development."

"China is a country of high efficiency. These capacities are not limited to production but extend to how to make pragmatic public policies," added Gonzalez.

He said that, after the visit of Peru's Pedro Pablo Kuczynski to China in September and the upcoming visit by President Xi Jinping to Lima in November, the two countries "must resolve any problems that remain and focus on the fundamentals."

According to Gonzalez, both sides need to improve cooperation in mining areas and allow China's ICBC bank to open up more financial services in the country.

Moving on to the Free Trade Area of the Asia-Pacific (FTAAP), Gonzalez said this was an initiative to minimize divisions within the region and help to create one large free-trade zone.

"This is a project that unites China and the US, and it drives to work together while managing their rivalries in the most civilized possible. This is the central topic for the future of the Asia-Pacific, for peace and prosperity in the region," he continued.

It would essentially unite the Regional Comprehensive Economic Partnership (RCEP), between ASEAN, and six other Pacific economies, and the Trans-Pacific Partnership (TPP).

The academic concluded that "it is an honor for Peru to host the one more step of the Beijing Roadmap being taken this year."