People walk through the downtown of Lima, Peru, during the Asia-Pacific Economic Cooperation (APEC) summit on Tuesday (November 12, 2024).
| Photo Credit: AP
Chinese leader Xi Jinping headed to Peru on Wednesday (November 13, 2024), state media said, bound for a summit of Asia-Pacific Economic Cooperation (APEC) organisation leaders overshadowed by fears of renewed global trade tensions under Donald Trump.
Mr. Xi will join leaders from the United States and other Asia-Pacific nations in the Peruvian capital Lima for the APEC gathering, after which he will go to Brazil.
China – the world’s second-largest economy – is grappling with a prolonged housing crisis and sluggish consumption that could worsen under Donald Trump, who has promised to slap 60% tariffs on Chinese imports.
While in Peru, the Chinese leader will also inaugurate South America’s first Chinese-funded port, in Chancay, around 50 miles (80 km) north of Lima.
Expected to serve as a major trade hub, the $3.5-billion complex is seen as symbolic of Beijing’s growing influence in South America, where it has built a vast array of railways, highways and other infrastructure.
Bilateral trade between the Asian giant and Peru, one of Latin America’s fastest-growing economies over the past decade, stood at nearly $36 billion in 2023, making Peru China’s fourth-largest Latin American trading partner.
Chancay port will also serve Chile, Colombia and Ecuador, among other South American countries, allowing them to skirt ports in Mexico and the United States for trade with Asia.
Starting Wednesday (November 13, 2024), Lima will receive government ministers and business leaders of APEC member countries, which also include Russia, Japan, South Korea, Indonesia, Chile and Australia.
Ministerial meetings will take place Thursday (November 14, 2024), followed by talks at the level of heads of state the following two days.
State broadcaster CCTV said Mr. Xi will be accompanied in Peru by Foreign Minister Wang Yi.
Published – November 13, 2024 12:55 pm IST
