In fact, if
Peru did not almost resent the US trade war against China in 2019, keeping its
exports to both its main trading partners with little variation, this year
there is already a drop in important export items, such as copper, due to the
recession caused by quarantine in most industrialized countries.
China is the
main trading partner of Peru and practically the main foreign investor; as well
as the US They are our second trading partner, so a confrontation between these
two countries would be catastrophic, even for all of Latin America.
Even though in
Peru there is a resentment of some manufacturing sectors, such as textiles,
clothing and footwear, in relation to the massive
imports of cheap products from China; and there are social protests in
relation to Chinese companies, in balance the growing economic ties with the
Asian giant have been very beneficial, especially since the 2009 bilateral Free
Trade Agreement:
- Ensuring
international demand for our mining and agricultural products, which has
allowed export earnings to rise consistently, even overcoming the deterioration
in the terms of trade of previous decades;
- Ensuring the
supply of capital goods and industrial inputs, vital for our companies, at much
more competitive prices,
- Ensuring a
supply of cheap consumer goods for the popular sectors, which has thus
alleviated unfavorable employment situations.
- Increasing Chinese
direct domestic investment for a
total of US $ 30,000 million in the sectors: mining, gas, oil, electricity
generation, port, logistics, engineering, banking, among others, in dimensions
not achievable for traditional investor countries ( USA, Canada, UK, Germany,
France). In
mining alone, Chinese investment amounts to USD 11.7 billion. Las Bambas,
the Toromocho expansion, and the Chancay Megaport are the flagship investments
of the Asian giant
The benefits
would be greater if the government's rejection by Pedro Pablo Kuczsinski in
2017 of the Chinese offer to take over the construction
of the Brazil Peru-bi-oceanic railroad was not mediated, amid the North
American government's alarm over the supposed “geopolitical advance” of China
in the subcontinent.
The Peruvian
government and business sector have so far remained cautious in the face of the
anti-Chinese belligerent positions of some sectors of the US government;
emphasizing the 50 years of diplomatic relations between both countries and
their integral
strategic alliance that has helped the country overcome the deep crisis of
the last two decades of the last century.
May 06, 2020
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