China and Peru Sign Free Trade Agreement, Extending Asian Influence in Latin America

China and Peru signed a free trade agreement today (Wednesday) that will pave the way for further cooperation between the two countries and broaden China¡¯s influence in Latin America.

Chinese President Hu Jintao landed in Peru along with a delegation of nearly 600 business leaders and finance ministers that will accompany him to this weekend¡¯s Asia-Pacific Economic Cooperation (APEC) summit in Lima. However, before the conference officially kicks off, President Hu and Peruvian President Alan Garcia signed a free trade agreement that will likely result in China overtaking the United States as Peru¡¯s biggest trading partner.

The mineral-rich Peru, which is home to large deposits of iron ore and copper, figures to play a large part in China¡¯s relentless quest for raw materials. Aluminum Corp. of China Ltd. (ADR: ACH), for instance, recently signed a $2.2 billion deal to extract more than 7 million tons of copper from Peru¡¯s Toromocho mine.

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