APEC Peru 2024: Ministry promotes trade, investment for inclusive development

Photo: APEC Peru 2024

09:11 | Lima, Dec. 6.

To mark the beginning of Peru's presidency at the Asia-Pacific Economic Cooperation (APEC) forum, the city of Lima has been hosting the Informal Senior Officials' Meeting (ISOM) since December 4.

At this event, senior officials and delegates from 21 member economies meet to learn about the priorities of the bloc's presidency assumed by Peru last November.

The Peruvian Ministry of Foreign Trade and Tourism (Mincetur) led the Informal Session of the Committee on Trade and Investment (CTI) on December 5.

At this committee, the importance of trade and promoting investment in the region was highlighted, and the priorities on these issues that will set the tone and working plan of the Committee during the Peruvian presidency were shared.

The first priority is Trade Liberalization, supporting the implementation of World Trade Organization (WTO) mandates and advancing the Free Trade Area of the Asia-Pacific (FTAAP) agenda.

The second priority is Trade Facilitation, seeking to strengthen connectivity, promoting the flow of quality investment and effective technical standards.

The third priority, linked to trade and inclusion, seeks to promote emerging companies, facilitating the access of micro, small and medium-sized enterprises (MSMEs) to global markets, economically empowering women and analyzing the relationship between trade and the transition to formal economy through value chains.

These themes reflect the commitment of APEC economies to drive sustainable economic development, promoting inclusion and cooperation across the region.

These advances are expected to generate a significant impact on the well-being of Peru and other economies, namely within the framework of post-pandemic recovery.

The Informal Senior Officials' Meeting (ISOM) will come to an end today.

¡Hola??! Today is the final day of the Informal Senior Officials’ Meeting here in Lima. Senior officials are setting the agenda for APEC’s work in 2024 and strengthen cooperation toward a more balanced, inclusive and sustainable growth in the region.#APECPeru2024 @apecperu pic.twitter.com/xDF6FsioCJ
— APEC Secretariat (@APEC) December 6, 2023

Data

APEC is comprised of 21 economies: Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Korea, Chinese Taipei, Thailand, the United States, and Vietnam.

It seeks to promote the liberalization of trade and investments, facilitate business, as well as boost economic and technical cooperation in order to achieve prosperity among member economies.

APEC plays a crucial role in Peru's international trade. Between 2000 and 2022, Peruvian trade with bloc member economies experienced an average annual growth of 10.6%.

In 2022, APEC accounted for 66.9% of Peru's foreign trade with the world, leading to exports value of USS$42.549 billion and imports worth US$36.683 billion.