Chinese leader Xi Jinping traveled to Peru on Wednesday (November 13, 2024), as reported by state media, for the Asia-Pacific Economic Cooperation (APEC) summit. The summit is overshadowed by concerns about potential trade tensions under the presidency of Donald Trump.
Mr. Xi will be participating in the APEC gathering in Lima, the capital of Peru, alongside leaders from the United States and other Asia-Pacific nations, before heading to Brazil.
China, being the world’s second-largest economy, is currently facing challenges such as a housing crisis and sluggish consumption, which could be exacerbated by the trade policies of Donald Trump, who has proposed imposing significant tariffs on Chinese imports.
During his time in Peru, the Chinese leader will also be inaugurating South America’s first Chinese-funded port in Chancay, located approximately 50 miles (80 km) north of Lima.
This $3.5 billion port complex is expected to become a key trade hub and symbolizes Beijing’s increasing influence in South America, where China has been involved in the construction of various infrastructure projects including railways and highways.
Bilateral trade between China and Peru, one of the fastest-growing economies in Latin America in recent years, reached nearly $36 billion in 2023, making Peru China’s fourth-largest trading partner in the region.
The Chancay port is also set to benefit other South American countries like Chile, Colombia, and Ecuador, providing them with a direct trade route to Asia without having to rely on ports in Mexico or the United States.
The APEC member countries, including Russia, Japan, South Korea, Indonesia, Chile, and Australia, will be sending government ministers and business leaders to Lima starting on Wednesday (November 13, 2024). Ministerial meetings will take place on Thursday (November 14, 2024), followed by discussions among heads of state over the next two days.
According to state broadcaster CCTV, Mr. Xi will be accompanied by Foreign Minister Wang Yi during his visit to Peru.
Published – November 13, 2024 12:55 pm IST
