to the Republic of Korea, which will assume the role throughout 2025.
During the
APEC Leaders' Retreat held at the Lima Convention Center,
Mrs. Boluarte symbolically passed a varayoc (a traditional Incan staff of authority) to South Korean leader Yoon Suk-yeol.
"Having completed our agenda, it is time to pass the leadership of our forum to the Republic of Korea, the next host economy," she announced.
Likewise, the leader expressed Peru's strong commitment to collaborating on the initiatives that South Korea will undertake, adding that "we extend our best wishes for the achievement of the goals and objectives set forth."
"Allow me to present this symbol of leadership, the varayoc, used by our Incan ancestors," she added.
Key Approvals
Before officially transferring the APEC Presidency to the Republic of Korea, three key deliverables, debated throughout the year, were formally approved.
These include the 2024 APEC Leaders' Declaration, the Lima Roadmap to Promote Transition to the Formal and Global Economy, and the Declaration on a New Look at the Free Trade Area of the Asia-Pacific (FTAAP).
"We trust that these deliverables will strengthen our future actions as a bloc. I would like to thank all the economies for their hard work this year and for supporting the restoration of consensus within APEC," Mrs. Boluarte concluded after the unanimous approval of these documents.
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.