Peru is set to host the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting for the third time, following successful events in 2008 and 2016. As the world navigates complex geopolitical shifts and economic challenges, APEC 2024 presents a pivotal opportunity for Peru to foster collective decisions and actions aimed at achieving economic growth and prosperity in the Asia-Pacific region.
Strengthening Multilateral Ties for Economic Integration
APEC has long been a cornerstone of economic and sectoral cooperation, promoting integration among some of the world’s most dynamic economies. For Peru, hosting APEC 2024 underscores its strategic importance in the Asia-Pacific region and its commitment to facilitating regional dialogue and cooperation.
Peru aims to advance critical initiatives such as digital economy integration, green energy transitions, and inclusive and sustainable economic growth. Notably, under Peru’s leadership, the forum has achieved consensus on 15 key outcomes, including ministerial declarations on economic inclusion, sustainable finance, and energy transitions in the Asia-Pacific.
The upcoming APEC Economic Leaders’ Meeting, scheduled from November 10 to 16, is expected to approve four new ministerial declarations. Among them, a significant focus will be the leaders’ declaration on a roadmap for transitioning to a global and formal economy.
Leveraging APEC for Domestic Economic Boost
Hosting APEC 2024 offers Peru a unique platform to bolster its domestic economy and showcase its potential as a reliable partner in the Asia-Pacific region. The anticipated participation of 5,000 delegates, 1,200 CEOs and leaders at the APEC CEO Summit, and 2,500 journalists marks one of the largest gatherings in APEC’s history.
The economic dynamics within the APEC region are significant for Peru, with exports to APEC economies representing 68.5 percent of its total international transactions in 2023. Since joining APEC in 1998, Peruvian exports to APEC economies have multiplied by 14.7 times, highlighting the forum’s importance for Peru’s economic growth.
Furthermore, over 70 percent of Peruvian companies exporting to APEC are micro and small enterprises, emphasizing the critical role of the Asia-Pacific region in providing opportunities and integrating into regional and global supply chains.
An enhanced free trade agreement between Peru and the Chinese mainland, set to be signed during President Xi Jinping’s upcoming visit, exemplifies how APEC 2024 will bolster the economy. The updated agreement aims to incorporate global supply chains, environmental protection, and e-commerce, areas that are reshaping international trade. This development is poised to encourage diversification and increase the volume of transactions in non-traditional sectors.
Reference(s):
APEC 2024 in Peru: A vision of opportunity amid geopolitical shifts
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