on Wednesday reported that Peru received the Asia-Pacific Economic Cooperation (APEC) forum Presidency, at the ministerial level, during the Annual Ministerial Meeting of Foreign Affairs and Trade held in San Francisco, United States, on November 14-15.
This transfer marks the beginning of Peruvian Presidency of the APEC forum which, after a series of sectoral and business meetings, will end in November 2024 with the summit's week.
The APEC is made up 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, South Korea, Chinese Taipei, Thailand, the United States, and Vietnam.
Importance of APEC
The APEC forum is a crucial platform that has enabled Peru to establish relations in various spheres with Asia-Pacific region economies.
As a bloc, it is our country's main trading partner worldwide. Between 2000 to 2022, Peru's trade with APEC members experienced a strong average annual growth of 10.6%.
In 2022, the forum represented a significant part of Peru's foreign trade, accounting for 66.9% of the total.
Within this framework, exports reached US$42.541 billion, while imports amounted to US$36.689 billion.
As of September 2023, Peru had sold goods to APEC member economies for an amount of US$32.245 billion, which represented a 3% increase compared to the same period in 2022.
It is important to mention that exports to China —one of Peru's main trading partners and an APEC member— registered an increase of 10.2% in the aforementioned period.
Relying on APEC as a catalyst platform, Peru has established bilateral and plurilateral trade agreements with 14 APEC member economies, including Australia, Brunei Darussalam, Canada, Chile, China, South Korea, the United States, Japan, Malaysia, Mexico, New Zealand, Singapore, Thailand, and Vietnam.
Similarly, Peru is in the process of negotiating a Free Trade Agreement (FTA) with Hong Kong, which means its continued commitment to strengthening trade relations in the Asia-Pacific region.