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Peru: APEC Economies to start implementing Lima Roadmap in 2025

Photo: ANDINA/Juan Carlos Guzmán Negrini

14:01 | Lima, Nov. 18.

Foreign Affairs Minister Elmer Schialer emphasized that starting in 2025, APEC economies will work on implementing the Lima Roadmap to Promote the Transition to the Formal and Global Economies —an initiative and legacy of Peru’s APEC 2024 leadership.

The ambassador emphasized that the three declarations signed during the APEC 2024 forum were unanimously approved by leaders of Asia-Pacific economies.

He noted that the first document, the Machu Picchu Declaration, consolidates and synthesizes all the work accomplished throughout APEC Peru 2024. The second is the Ichma Declaration, followed by the Lima Roadmap, which focuses on advancing economic formalization.

The diplomat specified that, in the case of the Lima Roadmap, implementation by each economy will begin in 2025, with a final target set for 2040.

"This (Lima Roadmap) work starts in 2025, and by supporting one another, we aim to achieve substantial results (…) the final deadline we have set is 2040," he told RPP Noticias.

The Cabinet member emphasized that APEC's decisions have been made by consensus, although he noted they are not binding.

"However, if I agree with something and give my approval, (it means) I am already committed," he pointed out.

"That is where the value of having approved all of this by consensus lies," he added.

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

21 leading economies

APEC is made up of: Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Viet Nam.

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

(END) CVC/MAT/MVB

Publicado: 18/11/2024