Politics
Peru calms Chinese port dispute ahead of president's meeting with Xi Jinping | World News
Peru has asked a judge to withdraw its request to strip a Chinese state-owned company of exclusive rights to operate a “megaport.” Image: Shutterstock
Peru has asked a judge to withdraw its request to strip a Chinese state-owned company of exclusive rights to operate a “megaport” it is building on Peru's Pacific coast, officials said Tuesday. sources, easing tensions ahead of the countries' leaders meeting this week.
The government in March requested the reversal of its decision to grant Hong Kong-based Cosco Shipping Ports exclusive rights to operate the Chancay deep-water port terminal it is building, citing a “administrative error”. A source close to the Peruvian ports authority told Reuters that a transport ministry prosecutor had “formally requested” the withdrawal of its initial request on Monday.
The announcement, days before Peruvian President Dina Boluarte meets with Cosco executives and Chinese President Xi Jinping during a visit to China, appears to resolve a legal dispute between the company and Boluarte's government that had sparked fears an international arbitration process.
Last week, Peru's port authority authorized the prosecutor to make the request, another industry source told Reuters, after Congress approved changes to Peru's port law that paved the way to ensure that Cosco Shipping would have exclusive rights to operate the terminal it is building.
Representatives of the Chinese company in Peru declined to comment on the Peruvian government's decision.
Peruvian authorities hope the $3.5 billion Chancay megaport will become a hub in the South American Pacific, but the project has irked players in the United States and Europe seeking to curb the rise of Chinese influence in Latin America.
Cosco Shipping plans to inaugurate the Chancay megaport in November, during the Asia-Pacific Economic Cooperation (APEC) leaders' summit in Lima.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: June 26, 2024 | 10:25 a.m. EAST
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