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APEC 2024: Peru managed to position issues of relevance for country's development

Photo: ANDINA/Daniel Bracamonte

10:00 | Arequipa (Arequipa region), May. 20.

Foreign Trade and Tourism Minister Elizabeth Galdo highlighted the Peruvian delegation's work during the activities held within the framework of the Asia-Pacific Economic Cooperation (APEC 2024) forum, an important space at which —besides consensus and the historic Joint Statement by the Ministers Responsible for Trade (MRT)— Peru managed to put on the agenda issues of great relevance for the development of trade in said bloc.

The Mincetur head indicated that, during the two weeks of activities, Peru's representatives positioned in the debate issues such as Regional Economic Integration, the strengthening of MSMEs, their insertion into global value chains, the enhancement of supply efficiency and connectivity across the region, among others.

All of these issues are contained in the priorities established for this APEC Peru 2024 edition: trade liberalization, trade facilitation, trade and inclusion, as well as the advancement of the Free Trade Area of the Asia-Pacific (FTAAP) agenda.

The Peruvian representatives highlighted Mincetur's initiatives to foster trade, inclusion, and the development of micro, small and medium-sized enterprises (MSMEs), such as the Productive Exports Route (RPE), which to date works with 315 MSMEs and producer organizations in 14 regions of the country to enhance competitiveness and boost their internationalization.

"In addition to trade issues, it is important to highlight the Joint Statement that was announced following the first APEC Meeting of Ministers Responsible for Women and Ministers Responsible for Trade, at which all member economies committed to promoting actions for the empowerment of women through commerce," Galdo highlighted.

Bilateral meetings

During the last three days of these events, the Peruvian minister also held bilateral meetings with her counterparts from South Korea, New Zealand, the United States, Australia, China, and Hong Kong.

Regarding the latter, it is necessary to highlight the substantial closure of negotiations for a trade agreement. Both Peru and Hong Kong reached consensus on the most complex issues regarding an upcoming signing of a Free Trade Agreement.

After meeting with Australia's Deputy Minister for Trade and Manufacturing Tim Ayres, Minister Galdo announced the commitment by both authorities to foster trade and investment opportunities generated through the FTA, including information exchange and joint promotional events.

As host country, Peru received representatives from other 20 APEC economies in the southern city of Arequipa, offering great attractions, gastronomy, and culture. Besides, it ranks as the second main exporting region (outside Lima) in the country by the end of 2024's first quarter.

Peru is hosting APEC for the third time after the 2008 and 2016 editions.

21 leading economies

APEC is made up of: Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.

Together, they account for 62% of world's GDP, 48% of global trade in goods and services, plus 38% of the planet's population.

Editor's note: Information provided by the APEC Secretariat.

(END) NDP/MVB

Published: 5/20/2024

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APEC 2024: Peru managed to position issues of relevance for country's development

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