LIMA — Business and enterprise representatives from China and Peru signed purchasing agreements worth $2 billion on Nov 14 in Lima, as the 2016 Asia Pacific Economic Cooperation (APEC) Economic Leaders’ Week kicked off in the capital city.

The agreements involved light industry, textiles, agricultural products, medicine, metals and minerals. Over 100 government officials and entrepreneurs attended the signing ceremony.

“Chinese-Peruvian trade has achieved growth and progress against the sophisticated and adverse situation of the world,” Zhu Yong, a senior official from the Commerce Ministry of China, said at the ceremony.

Deepening cooperation and jointly overcoming hardships have proved precious to both sides and are conducive to producing win-win outcome and boosting global trade in the future, he added.

Juan Manuel Varilias Velasquez, chairman of the Peruvian Association of Exporters, said: “China as the most vigorous economy in the world has contributed to the consistent development of Peru in the past 15 years,” adding that the business talks between the delegates and the signed agreements would further strengthen bilateral cooperation.

China has become Peru’s largest trade partner and largest export destination in the world, while Peru has jumped to be China’s third largest trade partner in Latin America.

The two sides are expected to strengthen and deepen their ties through sharing development opportunities, optimizing trade structure and expanding trade volumes, said the officials attending the signing ceremony.