Hong Kong will sign a free trade agreement with Peru this week, which will encompass trade in goods, trade in services, investment, and other related areas to offer a transparent and favorable platform for the city’s investors to expand their businesses in Peru, Chief Executive John Lee Ka-chiu said on Thursday.

Lee arrived in Lima, Peru, on Thursday to participate in the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting scheduled for this Friday and Saturday.

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In a social media post, Lee said that in addition to participating in the APEC meeting, he will also engage in bilateral meetings with leaders from other economies to discuss mutual interests and engage with local business figures in Lima.

The delegation is set to sign the free trade agreement with Peru this week, further deepening the special administrative region’s economic collaboration with the South American state.

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Negotiations for the agreement commenced in January 2023 and were fully concluded in July 2024. In 2023, Peru ranked fifth among Hong Kong’s trading partners in Latin America, with a total trade amount of $671 million.

The APEC Economic Leaders' Meeting, themed “Empower. Include. Grow” this year, will include discussions on three key areas of priority: Trade and investment for inclusive and interconnected growth; innovation and digitalization to facilitate the transition to a formal and global economy; and sustainable growth for resilient development.

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Lee started his journey to Peru via Spain early on Wednesday morning. Upon his arrival at the Jorge Chávez International Airport in Lima, he was received by Romulo Mucho Mamani, minister for energy and mining of Peru; Song Yang, Chinese ambassador to Lima; and María Eugenia Chiozza Bruce de De Zela, ambassador in the Diplomatic Service of Peru.