ExclusiveUS, China need to engage more with developing Apec economies, trade chief of 2024 host nation Peru says

In San Francisco, a meeting between President Joe Biden of the United States and President Xi Jinping of China helped ease tensions between the two nations. A senior official from Peru, Juan Carlos Mathews, mentioned that it's important for the US and China to increase their trade with developing countries. Peru, which will host the Apec summit in 2024, is looking to lead the way in enhancing trade relations.

Peru has many trade agreements and is working on new ones, as these Apec meetings make it easier to discuss trade. The country has seen benefits from being part of Apec, such as more trade, job creation, and support for small businesses. Hosting the Apec summit for the third time will give Peru a chance to attract global investors. President Dina Boluarte has committed to completing a phase of the Port of Chancay project by next November, which will make Peru an important hub for shipping between South America and Asia.

The Port of Chancay, a $3. 6 billion project, is partly financed and constructed by China. It's a key part of China's Belt and Road Initiative but has raised concerns in the US due to its strategic importance. Despite this, Peru is open to investments from all over the world. Mathews highlighted that while China has been Peru's main trading partner, focusing on raw materials, the US has been involved in the manufacturing sector. Recently, China has also started investing in strategic sectors like ports and energy. Mathews is looking for ways for the US and China to collaborate in Latin America and encourages joint ventures, which can be beneficial for all parties involved.