The ICC Holds China-Peru Port Economy Exchange Symposium

On 30 October 2024, the International Cooperation Center Joint Council (ICC) held a symposium on the Asia-Pacific Economic Cooperation and China-Peru Port Economy Exchange in Beijing. Zhang Yu, Convener of the Joint Meeting and Director of the Steering Committee of the ICC met with Shen Wei, Deputy President of the China Association of Port-of-Entry (CAOP), Ye Jingbiao, former President of China COSCO Shipping South America Co., Ltd., and others at the Jianguomen office of the ICC. At the invitation of the ICC, Denny Piña, Director of the Political Affairs Department of the Embassy of Peru in China attended the symposium. 

Peru is one of the earliest Latin American countries to establish diplomatic relations with the People's Republic of China and to establish a comprehensive strategic partnership with China. It is also one of the earliest Latin American countries to sign a package of free trade agreements with China. Both China and Peru are important emerging market countries along the Pacific Rim and important members of the "Global South". In recent years, under the strategic guidance of the heads of state of both countries and with the joint efforts of both sides, cooperation in various fields between China and Peru has achieved fruitful results. China has been Peru's largest trading partner for 10 consecutive years, and Peru is China's second-largest investment destination in Latin America. The symposium focused on topics such as "Upgrading the China-Peru Free Trade Agreement", "Deepening bilateral cultural, economic and investment cooperation", and "From Chancay Port to exploring opportunities, challenges and prospects of Asia-Pacific economic cooperation". The participants reached important consensus during the exchange and discussion. 

The meeting held that it was of great significance to hold this symposium on the eve of the informal meeting of APEC leaders. The ICC and the CAOP will strengthen exchanges with the governments and think-tanks of Latin American countries including Peru, promoting overall cooperation between China and Latin America and sending out positive signals for building an open Asia-Pacific economy and jointly promoting world economic growth. Cheng Yu, Executive Secretary General of the ICC, Zhu Hongshan, Visiting Expert of the ICC, former Deputy General Manager of the Strategic Development Department of China Communications Construction Company (CCCC), Francisco García, Economic Affairs Director of the Embassy of Peru in China, Wu Zhonglin, the Executive Director of the Development Committee of the ICC, and Jin Qiang, Manager of the Maritime Services Department of the Central Purchasing Center of COSCO Shipping Group, participated in the symposium.

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Chancay Port is located in the Chancay Bay, about 80 kilometers north of Lima, the capital of Peru. It is situated on the Pacific coast of South America and is a natural deep-water port. In January 2019, COSCO SHIPPING Ports Co., Ltd., a subsidiary of China COSCO SHIPPING Group, and the Peruvian Volcano Mining Group signed a project subscription and investment agreement in Davos, Switzerland. China COSCO SHIPPING acquired a 60% stake in the Chancay Terminal of Peru. In May of the same year, the project was officially handed over. The maximum water depth of the port reaches 17.8 meters, which can accommodate ultra-large container ships with a capacity of 18,000 TEUs (Twenty-foot Equivalent Units). It can achieve a design throughput capacity of 1 million TEUs per year in the near future and 1.5 million TEUs per year in the long term. Chancay Port is a cooperation project jointly built by China and Peru under the Belt and Road Initiative. It is one of the landmark projects of high-quality Belt and Road cooperation in the Latin American region and a new hub port and Pacific gateway port in the region. In November 2024, Chancay Port will commence operations and will become an important logistics hub between South America and Asia.