Andina

Peru: Trade with APEC economies to exceed US$80 billion and grow by 5.89%

11:04 | Lima, Oct. 29.

Within the framework of the Asia-Pacific Economic Cooperation (APEC) Leaders' Summit, the positive economic impact that this meeting will have on Peru is evident.

In an interview with the Official Gazette El Peruano, Foreign Trade and Tourism Minister Desilu Leon indicated that the international visibility generated by the summit and the positive perception of Peru as a safe destination for investment will contribute to drawing more foreign investment.

From your perspective, what impact do you anticipate the upcoming APEC Leaders' Summit will have on Peru?

It is a great opportunity to boost trade operations with other APEC member economies.

For this year, we expect trade between Peru and other member economies to exceed US$80 billion, which would imply a growth of 5.89%, considering that these operations in 2023 totaled US$75.548 billion.

We also consider the (positive) impact on tourism that hosting the APEC Leaders' Summit for the third time is generating.

So far this year, with the 240 preparatory meetings held, we have already registered 7,400 visitors who arrive in our country for APEC-related issues.

We hope that by the end of Leaders' Week we will have some 15,000 additional visitors attracted solely by this type of meeting, thereby consolidating Peru as a destination for event tourism.

Some 20,000 journalists are also expected to arrive to cover the Leaders' Meeting.

Regarding trade integration, which agreements are expected to be signed at the upcoming Leaders' Summit?

We have two specific topics: the signing of the protocol for optimizing the Peru-China Free Trade Agreement (FTA) and the signing of the trade agreement with Hong Kong.

In both cases, it will favor the development of new businesses, favoring the growth of our exports and improving projections.

Does this occasion generate opportunities to initiate negotiations for new trade partnerships?

The APEC Leaders' Meeting in our country represents not only a great opportunity for the growth of our international trade, but also for inbound tourism.

It enables us to create a space to foster the start of negotiations for new free trade agreements with economies such as Thailand.

We must remember that of the 21 economies which comprise this bloc, we already have trade agreements with 14 of them.

In this year marked, basically by APEC, how will inbound tourism perform?

By September, we have recorded the arrival of 2.5 million international tourists. We expect to close this year with the arrival of 3.5 million foreign visitors.

Although we are not yet back to pre-pandemic figures, this goal might be achieved in 2025 as a result of all the promotion and dissemination work being carried out worldwide. However, at the currency (foreign income) level, we observe a rapid recovery.

Peru is well regarded internationally as a place to visit or invest in, and that is something we must ensure. The idea is that our country continues to be seen as a safe destination for investment, with legal stability and economic growth.

Everything points to the fact that the flow of tourists, regardless of the reason for their arrival in Peru, will increase steadily.

Having a growing economy is also a significant factor that provides certainty to international tourists interested in visiting this country.

Between 2000 and 2023, Peru's trade with APEC member economies experienced an average annual growth of 9.5%.

Last year alone, APEC accounted for 67% of Peru's trade with the world.

Between January and September 2024, Peru welcomed 2,449,582 international tourists, a 36.5% growth compared to the same period of the previous year.

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


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Published: 10/29/2024