Free trade is one of the fundamental pillars for progress in the global economy and the development of countries because it generates employment through exports of goods and services, as well as imports. Besides, it allows higher collection from foreign trade companies' income tax.
In this regard, the
Asia-Pacific Economic Cooperation (APEC) forum —established in 1989, of which Peru has been a part since 1998 and which brings together 21 economies, including the most important ones around the world such as the
United States, China, Japan, Australia, and Canada— becomes an important support for international trade integration.
APEC is the most important platform for intergovernmental coordination in the world and also represents a gigantic market of 2.96 billion people with purchasing power that increases every year.
In 2022, the average GDP per capita of APEC economies was US$17,860, which was higher than the world average of US$12,743 in the same year.
The aim of APEC is to create greater prosperity for the region's inhabitants through economic integration, sustainable, inclusive and innovative growth.
To that end, its agenda is based on three pillars: trade and investment liberalization, business facilitation, as well as economic and technical cooperation.
Growing trade
Peru's trade with APEC economies in 1998 totaled US$7 billion, of which US$3 billion were exports and US$4 billion were imports.
In 2004, trade grew to US$12 billion, whereas, in 2013, it rose to US$50 billion, showing an upward trend.
Regarding exports, Peru went from receiving US$3 million in 1998 to more than US$17 billion in 2008, while sales continued to rise to US$30 billion in 2018 and reached US$44 billion in 2023.
"APEC is extremely important for Peru," Foreign Affairs Ministry's Senior Official for the Asia-Pacific Economic Cooperation forum
Renato Reyes Tagle said in statements to
El Peruano Official Gazette.
"Peru benefits from APEC in several ways, I would say it is multidimensional, from an economic point of view, 67% of Peru's global trade is carried out with APEC economies," he emphasized.
(END) DOP/SDD/JJN/RMB
Publicado: 22/2/2024