One of the biggest business gatherings is underway in Peru.
China’s president Xi Jinping is due to attend APEC and make a state visit to the country.
China is one of Peru’s main trading partners and has several constructions project in the country
#apec
China’s president Xi Jinping is due to attend APEC and make a state visit to the country.
China is one of Peru’s main trading partners and has several constructions project in the country
#apec
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NewsTranscript
00:00Hi Jamie, well China is placing tremendous emphasis on this particular APEC leaders meeting,
00:08the 31st since its inception, and as you mentioned, President Xi Jinping will be visiting and
00:16he's expected to arrive on Thursday. First he'll be speaking at the CEO Summit, which
00:20is right behind me, addressing 1,300 business leaders from around the Pacific Rim. Then
00:26he'll be participating in the inauguration of the Chang'e Megaport, a Chinese-built port
00:32about 80 kilometers north of Lima. He'll be doing that in the government palace, accompanied
00:37by his counterpart, Dina Bolowati, the Peruvian president, where they'll be watching the inauguration
00:42via video link. Now this port is seen as being tremendously important, not just for China
00:48but also for Peru. The big game-changer of this port from other ports in the region is
00:53that it's a deep-water port, which means it'll be able to berth larger container ships
00:58carrying up to 22,000 containers, and also it's expected to slash transit times or freight
01:04times across the Pacific Ocean, meaning that cargoes can reach Asia much faster, which
01:10of course will reduce costs and is good for importers and exporters. The idea for this
01:15port is that it will be a trade hub for South America, so countries neighboring Peru will
01:21be able to use cavities to transport their shipments from this port, and also Atlantic-facing
01:28countries like Brazil, which exports particularly beef and soy to China, will be able to transport
01:36those products through road systems and eventually in the future rail systems across the continents
01:44of Latin America and out through Chiang Kai on Peru's Pacific coast and across the Pacific
01:49Ocean. So it's seen as being tremendously important to increase prosperity for South
01:55America and also for Asia, and in fact the foreign minister here in Peru has said that
02:01it will take trade to another level in Peru and should increase bilateral trade between
02:05China and Peru by 50%.
02:07Dan, what else can we expect from this year's APEC gathering?
02:11Well, APEC, which began in 1989, has always been a forum for countries, 21 nations of
02:21the Asia-Pacific region. They represent more than 60% of global GDP, around half of global
02:27trade, and 3 billion people, approximately 38% of the global population. The idea is
02:33that to increase strategic economic partnerships between the nations for the general prosperity
02:39and also sustainable development of all nations, which include North America, United States
02:46and Canada, China, South Korea, and nations also in South America. The idea at the time,
02:54as we've been hearing, on the programme of climate change and conflict in the world,
03:00this particular forum hopes to be an oasis of peace and economic promotion.