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To establish a VPC peering connection, you need to: 1. Create a VPC Peering Connection: Define a peering connection between the local VPC and the ___ VPC. 2. Accept the Peering Connection: The owner of the target VPC needs to accept the peering connection _. 3. Configure Route Tables: Update the route tables in both VPCs to enable traffic flow between them.

Once the peering connection is established, instances in the peered VPCs can communicate with each other as if they were within the same network.