As Peru celebrates the 203rd anniversary of its independence and the bicentennial of its liberation marked by the decisive battles of Junin and Ayacucho in 1824, the country also reflects on a significant milestone in its diplomatic history: 60 years of amicable relations and cooperation with the Republic of Korea. This anniversary, known as “Hwangap” in Eastern philosophy, symbolizes a new and promising phase in the bilateral relationship, highlighting shared values, complementary economic interests, and a forward-looking agenda.
In this spirit of renewed partnership, Peru recently hosted its Minister of Foreign Affairs, Javier González-Olaechea, at the Korea-Latin America Future Cooperation Forum. Invited by his Korean counterpart Cho Tae-yul, this visit underscored the robust bilateral relations between the two nations, focusing on agreements related to digital and technological transformation, climate change mitigation, and integration into Korean supply chains. The foundation of this strong relationship is the 2011 free trade agreement, which has significantly boosted Korea’s position as Peru’s fourth-largest trading partner. This year, new rounds of bilateral Political Consultations and Economic, Scientific, and Technical Cooperation meetings are set to further expand collaborative opportunities.
Peru’s invitation to begin the process of joining the OECD, supported by Korea in the OECD Council, marks another milestone in the bilateral relationship. In return, Peru fully supports Korea’s aspiration to become an associated state of the Pacific Alliance, a move expected to enhance exports, strategic investments, and regional cooperation between the Pacific Alliance and the Asian market. A particularly encouraging development is the recent strategic partnership in the defence sector. Noteworthy projects include the development of a modern shipyard and shipbuilding facility in Callao with Hyundai Heavy Industries, the co-production of armoured vehicles and technology transfer with Hyundai Rotem, and the establishment of a parts production line for the FA-50 aircraft with Korea Aerospace Industries.
These positive developments coincide with Peru’s presidency of the Asia-Pacific Economic Cooperation (APEC) Forum in 2024. At the upcoming Leaders Summit in Lima this November, Peru will hand over the APEC presidency to Korea. The visit of President Yoon Suk-yeol and a high-level Korean delegation is highly anticipated.
During its APEC presidency, Peru is focusing on three major priorities:
- Advancing the goal of establishing a Free Trade Area of the Asia-Pacific, informed by lessons from the pandemic and recent developments.
- Promoting initiatives to transition to a formal global economy, particularly for small and medium-sized enterprises, bridging digital and technological gaps, and enhancing financial support.
- Pursuing sustainable growth for resilient development through a clean energy transition and measures to ensure food security in the Asia-Pacific region.
This year also marks APEC’s 35th anniversary. To celebrate, the APEC Citizen Peru 2024 initiative aims to engage civil society by enabling experts, officials, academics, leaders, and ministers to share their insights with young people and the broader community, along with organizing cultural and mutual exchange events. Reflecting on the journey so far, Peru and Korea look forward with optimism to the future of their dynamic relationship. With a commitment to seizing the growing opportunities presented by their partnership, both countries anticipate a flourishing collaboration, appreciating each other’s rich history and diverse culture.
