APEC 2024: Since when did Peru become member of this Asia-Pacific economic forum?

Photo: ANDINA/Daniel Bracamonte

Photo: ANDINA/Daniel Bracamonte

08:36 | Lima, May. 15.

In 2024, Peru is hosting the Asia-Pacific Economic Cooperation (APEC) forum, which will bring together the main economies of the Asia-Pacific region in this country, with the aim of achieving a series of goals together.

This article explores since when Peru became a member of such an important multilateral mechanism.

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum that was established in 1989.

The 21 economies that currently make it up aim to create greater prosperity for the people of this region through economic integration and the promotion of balanced, inclusive, sustainable, and innovative growth.

According to the official APEC Peru 2024 website managed by the Ministry of Foreign Affairs, Peru has been part of APEC since 1998.

This decision represents a relevant milestone for Peru's foreign policy, since it has allowed the economy to consolidate its international projection in the Asia-Pacific region —the most innovative, dynamic, and fastest growing one in the world.

"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. Besides, it has contributed to inserting Peruvian companies in regional and global value chains and to the internationalization of SMEs," the website states.

According to the Peruvian Foreign Trade Society (ComexPeru), since its incorporation into APEC more than 25 years ago, Peru's trade with the economies that make up the forum has grown 12% per year on average.

In addition, the official website indicates that 66% of Peru's trade of goods takes place with the economies that are part of APEC.

It also notes that the Pro-Tempore Presidency of APEC in 2024 represents an opportunity for Peru to promote the development of social diplomacy to address the country's major economic-social challenges, through economic and technical cooperation.

"The more than 160 events scheduled for APEC 2024 will contribute to the post-pandemic economic recovery and will encourage income opportunities for sectors linked to accommodation, transportation, food, tourism, among others," the official website reported.

21 leading economies 

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


Publicado: 15/5/2024