The Peruvian government will propose the creation of a monitoring mechanism for bilateral relations so as to promote a greater flow of trade and investment, the minister was quoted by the Andina news agency as saying.
"Russia is a world power with vast natural resources. It has accumulated great wealth and needs foreign markets to sell and buy," he said, adding that Peru offers attractive conditions for foreign investment.
The minister said there are favourable conditions for enhancing bilateral trade because of Peru's open economy and Russia's position as an economic power.
Garcia Belaunde made the remarks ahead of Russian President Dmitry Medvedev's upcoming weekend visit to Peru.
The Russian leader, scheduled to arrive in Peru's capital Lima Saturday morning, will participate in the Leaders' Meeting of the Asia Pacific Economic Cooperation (APEC) this weekend.
After attending the APEC meeting, Medvedev will meet with his Peruvian counterpart Alan Garcia as part of a state visit to the Andean country.
Peru and Russia have launched a partnership aimed at strengthening economic and political ties, according to a communique issued last month by Peru's Foreign Ministry.
Under an agreement signed during the 14th APEC Leaders' Meeting in November 2006, Russia pledges to help Peru make advances in areas such as agriculture, health, nuclear energy, IT, environment, and the sustainable use of natural resources.
The two sides also agreed to intensify exchanges between legislative, executive and judicial organs, and work together to combat terrorism and the trafficking of weapons and drugs.
