Opportunities to reinforce Peruvian economic diplomacy in the context of competition between major powers

Abstract

The international economic order based, among others, on the principles of the multilateral trading system and the Washington Consensus was a dynamic scenario for regional economic diplomacy and, particularly, for Peru, since it allowed national economic interests to be positioned through the expansion of a network of trade agreements, the revitalization of its participation in integration mechanisms and the strengthening of trade and investment promotion actions. However, this international order is experiencing difficulties due to the economic-trade conflict between the United States and China that manifests in the "trade war", the weakening of the multilateral trading system and the "technological warfare". The Latin American and Caribbean region is presented as a scenario for this competition given the regionalization of global value chains that is encouraging the relocation of US companies and the interest of the Chinese government to expand its economic presence in the region. Faced with this, opportunities would arise for Peruvian economic diplomacy that could be taken advantage of by applying an intra and extra regional approach that favors the interests of economic and social development, for which an intersectoral strategy would be key.