APEC Peru 2024
About
For the third time, Peru will host APEC again in 2024, after hosting in 2008 and 2016. This decision is part of the State policy to strengthen our relations with the Asia-Pacific region, allowing an insertion that is profitable in the face of the accelerated process of globalization that we are experiencing, which requires active work to highlight the importance of APEC as an option to position Peru as an attractive destination for investments, trade, tourism, and business.
As an APEC host economy, Peru is responsible for organizing more than 160 meetings from the end of 2023 and throughout 2024, according to the work schedule and the usual practices and standards of the forum.
These meetings include the Economic Leaders’ Meeting (AELM); nine ministerial meetings, highlighting the Meeting of Ministers of Foreign Affairs and Trade (AMM), five meetings of Senior Officials (SOM), as well as the meetings of the Business Advisory Council (ABAC) and the Consortium of Study Centers (ASCC) of APEC.
APEC for Peru
Peru has been part of APEC since 1998. Membership of this forum represents a relevant milestone for Peruvian foreign policy as it has allowed our economy to consolidate its international projection in the Asia-Pacific region, the most innovative, dynamic, and fastest growing in the world.
The more than 160 events planned for APEC 2024 will contribute to the post-pandemic economic reactivation and encourage income opportunities for sectors related to accommodation, transportation, food, and tourism, among others.
This forum has further opened the doors of the world to us, connecting us with the largest markets and fostering opportunities for more inclusive and sustainable development. In addition, it has contributed to inserting Peruvian companies in regional and global value chains and to the internationalization of SMEs.
In short, the APEC 2024 presidency represents the opportunity to favor the development of social diplomacy to face the great economic-social challenges of Peru, through economic and technical cooperation.
APEC Agenda 2024
During the APEC Peru 2024 presidency, our country will promote an agenda that has a positive impact on our domestic policy, seeking to empower people, especially those in vulnerable situations such as women and youth, SMEs, and informal enterprises, among others; that is, to give them the tools to participate in the benefits of the global economy in conditions of competitiveness and promoting their economic and social inclusion.
Within this framework, the exchange of successful cases and good practices in the application of public policies on issues such as inclusive trade and investment will be encouraged; innovation to promote the transition to the formal and global economy; food security; the internationalization of SMEs; women’s economic empowerment; the digital economy and financial inclusion; the use of renewable energies and green hydrogen.
Results and impact of APEC
- According to ComexPerú, since we joined APEC in 1998, Peru’s trade with member economies has grown, on average, 12% per year. 66% of Peru’s trade in goods occurs with APEC economies.
- In 2021 around 5,200 Peruvian companies exported goods to the APEC zone for a total amount of USD 37,994 million, while our imports from APEC reached USD 30,479 million.
- Likewise, bilateral free trade agreements have been negotiated with important APEC economies such as China, Singapore, Thailand, the United States, Canada, South Korea, Chile, Mexico, Japan and Australia. Based on FTAs with these economies, approximately 1,500 SMEs and 2,200 MSMEs trade more efficiently with the Asia Pacific.
- APEC has also been a platform to promote the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which Peru has been a State Party since September 18, 2021.
- In addition, the realization of events in different regions of Peru, leads to improvements in infrastructure for international meetings.
- The APEC PERU 2016 presidency fostered the visit of more than 1,200 entrepreneurs from Asia-Pacific, which in turn generated investment opportunities for approximately USD 9.4 billion.
Between 2016 and 2021, Peru received USD 2,823,000 as APEC funds allocated to finance 36 projects.
The funds earmarked for Peru were mainly directed to finance projects presented to the Committee on Trade and Investment, as well as to the following Working Groups of the Committee on Economic and Technical Cooperation: Small and Medium-sized Enterprises; Science, Technology, and Innovation; Food safety; Public Health; Oceans and Fisheries; Transport; Group of Experts on Illegal Logging and Associated Trade; and Women and the Economy. This data reveals the importance of the economic and technical cooperation offered by APEC to Peru.
APEC’s Impact on Citizens
During the APEC PERU 2024 presidency, the “APEC for the People” initiative will be implemented, which will aim to bring the forum closer to civil society through the realization of technological, and cultural events, presentations in schools/universities or seminars with experts, officials, artists, and academics of APEC member economies.