Peru relations with asia
by Carlos Alberto Aquino Rodriguez, Profesor de Economia Internacional, Economia Asiatica at Profesor en la UNMSM, Lima, Peru on Dec 03, 2013
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Abstract: In the last two decades, Peru has increased its economic and political relations with East Asian countries. This has been accelerated since the incorporation of Peru to the Asia Pacific ...
Abstract: In the last two decades, Peru has increased its economic and political relations with East Asian countries. This has been accelerated since the incorporation of Peru to the Asia Pacific Economic Cooperation forum, APEC, in 1998 and the various trade agreements that Peru has made with countries of that region.
In addition, the economic stability that Peru achieved from 1990 onwards, and the sustained growth that has achieved since 2000 has made Asians look to Peru as a country of opportunities. The raw materials that Peru possesses are also a magnet for Asian countries.
However, as more than 90% of Peruvian exports to that region are just raw materials and Peru buys from them manufactured goods, the trade relationship is asymmetric.
In order for this relationship to be more balanced and profitable we could learn from the example of East Asia countries, which went from being a region where several of them also exported mainly raw materials to export manufactured goods, by the incorporation of science and technology. Besides this, Peru must also make more efforts to get to know the region and its markets.
The East Asia is the fastest growing region in the world, it will keep growing, and the relationship with them will be growing too, and China has already become the largest trading partner of Peru.
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