This month, Peru welcomes the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting for the third time, following successful gatherings in 2008 and 2016. As global dynamics navigate complex geopolitical shifts and economic challenges, APEC Peru 2024 stands as a pivotal moment for fostering 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, driving integration among some of the world's most dynamic economies. For Peru, hosting APEC 2024 highlights its strategic role in the Asia-Pacific region and its dedication to facilitating regional dialogue and cooperation. Over the past 35 years, APEC has been instrumental in promoting trade and investment, and Peru aims to build on this legacy by advancing initiatives in digital economy integration, green energy transitions, and inclusive, sustainable growth.
Under Peru's APEC presidency, significant progress has been made in restoring consensus within the forum. To date, 15 key outcomes have been unanimously approved, encompassing 10 ministerial declarations and five technical-political instruments. These cover vital areas such as economic inclusion for people with disabilities, women and trade, low-emission hydrogen development, sustainable finance, and energy transitions in the Asia-Pacific.
During the Economic Leaders' Meeting from November 10 to 16, Peru anticipates the approval of four new ministerial declarations, including a crucial roadmap for transitioning to a global and formal economy.
Leveraging APEC for Domestic Economic Boost
Hosting APEC 2024 presents Peru with a unique opportunity to enhance its domestic economy. The event is expected to attract approximately 5,000 delegates, 1,200 CEOs and leaders to the APEC CEO Summit, and 2,500 journalists, making it one of the largest gatherings in APEC's history. This influx not only brings direct economic benefits but also showcases Peru as a reliable investment destination. By highlighting its robust macroeconomic fundamentals and a solid regulatory framework, Peru aims to attract investments from the Asia-Pacific region and beyond.
The economic landscape within the APEC region is thriving, with exports to APEC economies accounting for 68.5 percent of Peru's total international transactions in 2023. Since joining APEC in 1998, Peruvian exports to these economies have surged 14.7 times, underscoring the forum's significance for Peru's economic development. With over 70 percent of Peruvian exporters to APEC being micro and small enterprises, the Asia-Pacific region offers critical opportunities for integration into regional and global supply chains.
A key highlight of APEC 2024 will be the signing of an updated free trade agreement (FTA) between Peru and China during President Xi Jinping's visit. This enhanced FTA aims to integrate the global supply chain, bolster environmental protection, and expand e-commerce, all of which are reshaping international trade. The agreement is set to increase transaction volumes and diversify Peru's export sectors, moving beyond mineral exports to include agricultural and high-value fisheries products.
Reference(s):
APEC 2024 in Peru: A vision of opportunity amid geopolitical shifts
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