Peru’s new administration has committed to implementing its free-trade agreement (FTA) with Hong Kong within 2026, underscoring an effort to position the country as a commercial gateway between South America and the Asia-Pacific region. The announcement came during an address by Peruvian Prime Minister Luis Gallareta to the Chamber of Deputies on Thursday, outlining the government’s economic priorities under President Keiko Fujimori.

Gallareta emphasized that maintaining commercial openness will remain a consistent state policy. He stated that the government aims to facilitate the agreement with Hong Kong entering into force this year, while also pursuing further trade accords and promoting regional exports. “The long-term goal is for Peru to consolidate its position as a platform for trade, investment and services between South America and the Asia-Pacific, maintaining our participation in APEC and other economic blocs,” the prime minister said.

The mention of Hong Kong was the sole explicit reference in the 18-page address to international trade issues, which largely concentrated on domestic matters such as security, economic growth, infrastructure, mining, and governmental reform. According to Peru’s trade ministry data, imports from Hong Kong reached approximately US$28.6 million in 2025, primarily consisting of steel, chemical, and metalworking products. Peru’s exports to mainland China during the same period totalled nearly US$32 billion, reflecting China’s role as Peru’s largest trading partner.

While Peru ratified the Hong Kong FTA in mid-July, weeks before Fujimori’s administration began, the agreement has yet to take effect pending formal start dates to be set following notification between both parties. Trade Minister Berthin Gomez Vela confirmed that the government plans to coordinate with Hong Kong to establish this timeline.

Notably absent from Gallareta’s speech was any mention of mainland China, despite Peru completing domestic ratification in July of an upgraded FTA with China that was initially signed during President Xi Jinping’s visit to Lima in November 2024. This modernization of the 2010 pact expands provisions related to services, investment, digital trade, customs procedures, and supply-chain collaboration. Its entry into force now depends on China completing corresponding ratification steps and official exchanges between the governments.

The government’s policy plan did include references to the Port of Chancay, a deepwater terminal operated by China’s state-owned Cosco Shipping. The document described the US$1.3 billion port as central to facilitating export growth and pledged support for developing the Chancay-Callao logistics cluster, featuring special economic zones and industrial estates. The port, inaugurated by Xi Jinping alongside then-President Dina Boluarte in November 2024, is designed to reduce shipping times between South America and Asia.

However, the plan did not explicitly address the port’s geopolitical significance, which has drawn criticism from the United States. Washington has expressed concerns that Chinese control over strategic infrastructure in Peru could undermine national sovereignty. These allegations have been consistently dismissed by China and successive Peruvian governments as unfounded.