China Becomes the Top Export Destination for the Andean Community

By PPO Abogados

The Secretary General of the Andean Community, Ambassador Gonzalo Gutiérrez Reinel, participated in the Annual Meeting on Pragmatic Cooperation within the framework of the Belt and Road Initiative between Peru and China. During his speech at the event, he highlighted the economic and commercial importance of China for the Andean Community, a bloc consisting of Bolivia, Colombia, Ecuador, and Peru.

He mentioned that in 2023, China solidified its position as the leading destination for Andean Community exports, representing 20.4% of the bloc’s total exports worldwide. Over the past decade, Andean exports to China have steadily grown at an average annual rate of 10.3%, reaching USD31.9 billion in 2023.

The Secretary General of the Andean Community commented that the evolution of this trade relationship confirms that the Pacific region and China are strategic areas for the Andean countries. “Diversified exports, alliances in key sectors such as technology, renewable energy, and biotechnology, as well as investments in emerging sectors, are opening new doors for collaboration between both regions.”, Gutiérrez Reinel said. He also emphasized the importance of boosting technology transfer to promote comprehensive development in the Latin American economies of the Asia-Pacific region.

A complementary relationship is being established between the Andean market and China, both as suppliers of resources and consumers of machinery, vehicles, and various manufactured goods. “From the Andean Community, we are convinced that the relationship with China offers great opportunities, such as foreign direct investment with environmental, labor, and legal responsibility,” detailed the Secretary General of the Andean Community.

The Andean subregion is a strategic partner for the world, with a favorable environment for sustainable investment and a key geographical location that facilitates access to various markets.