The Peruvian Government has dropped its lawsuit against COSCO Shipping's exclusivity rights over the megaport the latter is building at Chancay, close to the capital Lima.
The Government of Peru had earlier filed a case demanding that the cargo facilities should be available to other businesses for offering cargo loading and unloading services.
Peruvian President Dina Boluarte now says the problem has been resolved and the trial will be dropped.
This comes ahead of the President visiting China for meetings with COSCO officials and later with Chinese President Xi Jinping.
The port of Chancay is expected to make trade between South America and Asia much faster for trans-pacific cargo ships.
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