Secretary of Commerce and Economic Development Algernon Yau Ying-wah also met with his Thai and Indonesian counterparts on Wednesday afternoon Lima time to explore opportunities for collaboration.

Yau thanked them for supporting the city’s bid to join the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement.

Lee, who made his first official visit to South America, said the new agreement with Peru would cover trade in goods and services, as well as investment and other related areas.

“(This will provide) a transparent and favorable platform for Hong Kong investors to expand their businesses in Peru,” he said in a social media post.

Lee added that he would have bilateral meetings with leaders of other economies to exchange views on issues of mutual interest and meet with local business leaders in Lima.

He also described his visit as an “important journey” and said he was looking forward to the meetings.