Peru is set to host the Asia-Pacific Economic Cooperation (APEC) forum in 2024, marking the third time the nation will lead this significant gathering of regional economies. With a vision centered on inclusive cooperation, Peru aims to further the forum’s objectives of fostering an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040.
Established in 1989, APEC comprises 21 member economies representing almost two-thirds of the global economy and nearly half of world trade. The forum’s primary goals are to create a more open and efficient economic environment, reduce barriers to trade and investment, promote sustainable economic development, and engage in technical cooperation. Operating on the principle of non-binding commitments, APEC emphasizes voluntary cooperation and consensus among its members.
The upcoming leadership role coincides with a pivotal time for regional cooperation, as the world continues to navigate the challenges posed by the COVID-19 pandemic and other global issues. Peru’s geographic position, economy, and cultural ties to the Asia-Pacific region make it a strategic player in advancing APEC’s agenda.
“This is a significant moment for Peru,” said Marco V. Balarezo, Peruvian Ambassador to China. “Hosting APEC for the third time underscores our commitment to the region and our dedication to promoting free trade, investment, and regional cooperation.”
Balarezo highlighted the importance of collaboration with key economies like China, noting that China’s active advocacy within APEC has injected momentum into the region’s development. “Strengthening APEC as a unique regional forum is crucial for supporting multilateralism and deepening practical cooperation among its members,” he added.
Recent APEC meetings have focused on implementing the Putrajaya Vision 2040, the Aotearoa Plan of Action, and sustainable development models like the Bio-Circular-Green Economy. The forthcoming 30th APEC Economic Leaders’ Meeting in San Francisco, under the themes of resilience, innovation, and inclusivity, presents an opportunity to advance these objectives further.
Peru’s presidency in 2024 is expected to build upon these efforts, fostering more inclusive cooperation and addressing shared challenges. As the country prepares to take the helm, there is optimism about what can be achieved through collective action and a shared vision for the future of the Asia-Pacific region.
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Peru's vision for APEC 2024: A path to more inclusive cooperation
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