Chinese state media reported on Friday that China and Peru have reached a "substantial conclusion of negotiations" on the upgrading of a free trade agreement between the two countries.

During a meeting with Peruvian President Dina Boluarte in Beijing, President Xi Jinping highlighted the importance of coordinating and enhancing cooperation in sectors such as minerals, energy, manufacturing, agriculture, and others, as reported by state broadcaster CCTV.

Peru and China signed a free trade agreement in 2009, which significantly boosted exports from the South American nation.

Peru's press office reported that Boluarte and Xi also signed a series of agreements aimed at strengthening ties between the two countries. These agreements include one concerning Peruvian grape exports to China, as well as a memorandum of understanding to establish a Peruvian-Chinese Business Council.

China is Peru's top investor and the top market for copper from Peru, the world's third-largest producer of the red metal.

"China's interest in key sectors of the Peruvian economy, such as mining, infrastructure and energy, is fundamental to national development plans, while ongoing investments are a source of employment and a promise of progress," Boluarte said in a statement from her office.

During her visit to China this week, Boluarte met with executives from several companies and also with President Xi Jinping. She extended an invitation to President Xi to inaugurate the Chancay "megaport" in November. This port is being constructed on Peru's coast by the Chinese company Cosco Shipping.

Xi is expected to travel to Peru in November for the summit of leaders of the Asia-Pacific Economic Cooperation (APEC), a bloc that accounts for almost half of world trade.

Image source: Reuters