APEC CEO Summit chief emphasizes China-Peru trade, expects APEC to enhance partnership

Luciano Paredes, the executive director of the Asia-Pacific Economic Cooperation (APEC) CEO Summit 2024, underscored the strong trade relations between China and Peru and looks forward to the ongoing APEC Summit serving as a catalyst to strengthen and advance the enduring bilateral partnership.

In a recent interview with China Global Television Network (CGTN), Paredes highlighted robust trade relations between China and Peru, exemplified by investments from Chinese companies in crucial Peruvian sectors.

"Our relationship with China is pretty amazing, honestly, China has been our first trade partner for over a decade. We have been receiving important investments of Chinese companies in critical sectors, for example, energy, infrastructure. This November, we will inaugurate the Chancay Port, brand-new facility constructed by COSCO Shipping Group. It promises to change the connectivity landscape between Asia and Latin America," Paredes said.

Peru is one of the first Latin American countries to establish diplomatic relations and a comprehensive strategic partnership with the People's Republic of China. It is also the first Latin American country to sign a package of free trade agreements with China.

Considering these milestones, Paredes expressed his anticipation for the APEC Summit, which runs from Nov. 10 to 16 in the Peruvian capital of Lima, to catalyze and enhance bilateral relations between China and Peru.

"We have a robust and historic alliance. Peru was one of the first Latin American economies to establish both diplomatic and economic ties with China. We have an FTA [free trade agreement] that is under revision, we are trying to modernize the terms of our agreements and we are doing very good in that exercise bilaterally. So, we really, really expect that this APEC summit will be positive to move forward and advance that bilateral relationship," he said.

The APEC CEO Summit, held on the sidelines of the APEC Summit, convened in Lima from Wednesday to Friday. It brought together CEOs, representatives from multilateral institutions, prominent thought leaders, and senior political figures from around the world, for discussions under the theme of "People, Business, Prosperity".

Established in 1989, APEC has grown into one of world's largest multilateral trade bodies. Initially composed of 12 members, including the United States, Australia, Japan, and Malaysia, APEC welcomed China in 1991, followed by Peru, Russia, and Vietnam in 1998.

Bringing together around 20,000 participants, including heads of state and dignitaries from 21 member economies across Asia, the Pacific, North America, and South America, APEC aims to foster sustainable economic growth and prosperity in the region.

Japan's benchmark yield on newly issued 10-year government bonds on Thursday briefly rose to 2.515 percent in the domestic bond market, hitting its highest level since February 1999.

The 10-year bond yield serves as a key indicator of long-term interest rates in Japan.

Against the backdrop of sustained turmoil in the Middle East, investors anticipate that high oil prices could exacerbate inflation in Japan. As a result, government bonds of various maturities have been widely sold off in the Tokyo bond market in recent days, driving long-term bond yields higher.

Bond prices and yields move in opposite directions. When investors actively purchase government bonds, prices rise and yields fall. Conversely, when bonds are sold off, prices drop and yields increase.