Delegations from 19 members of the APEC forum, including 16 heads of state or government, are gathering in Lima this week. The goal is to overcome existing differences among the group —which includes the United States, the People's Republic of China, the Russian Federation, and others— to advance a roadmap for transitioning toward a formal and integrated global economy.
Activities will begin with the fourth meeting of the
Apec Business Advisory Council (ABAC),
from November 10 to 12, followed by a
dialogue on Indigenous peoples centered on inclusive growth and economic empowerment on November 13, and the
APEC Ministerial Meeting on November 14.
The
APEC CEO Summit —organized by Peru's Foreign Trade Society (ComexPeru)— will be held on November 14 and 15. This will be followed by the
dialogue between APEC Economic Leaders and ABAC on the 15th, and the main APEC Leaders' Meeting on November 16.
The priorities of this summit, which has been holding preliminary meetings of ministers and senior officials since last December, include discussions on trade and investment to foster inclusive and interconnected growth.
Additionally, there will be a focus on innovation and digitalization to drive the transition to a formal and global economy, as well as efforts to achieve sustainable growth for resilient development.
A forum with "irrefutable achievements"
Peru's Foreign Affairs Minister Elmer Schialer, recently highlighted in an op-ed that APEC w
as founded in 1989 "amid an international climate of rising tensions," and emphasized that 35 years later, "its achievements are irrefutable."
The ambassador mentioned that when APEC was established, the average tariff among its member economies was 16.9%, which was lowered to 5.3% by 2017, whereas the number of free trade agreements increased from 20 to 175 by 2017, with the forum now comprising 21 members.
The diplomat acknowledged, however, that since the mid-2010s, "the growing commercial and technological rivalry among major APEC economies, the unprecedented effects of the pandemic, and the acceleration of climate change have necessitated redefining the forum's agenda."
Therefore, in 2020, the forum outlined a new agenda in the
Putrajaya Vision 2040, which incorporated digitalization and innovation, inclusive trade, and sustainable development.
Peru proposed the central themes of "Empower. Include. Grow." for the 2024 summit, prioritizing technical-political documents with concrete recommendations, some of which have already been adopted.
These include policy guidelines for developing low-emission hydrogen in the Asia-Pacific region, as well as principles to prevent and reduce food loss and waste, alongside goals for economically empowering people with disabilities and initiatives for a just energy transition and sustainable finance.
On this note, Peru's Senior Official for APEC, Renato Reyes, emphasized to EFE that the Peruvian proposal asserts that "when people are empowered, for example, with education or tools, they advance to the next stage, which is socioeconomic inclusion."
"If we reach that stage, we can aspire toward sustainable and interconnected growth in the Asia-Pacific," he noted, adding that Peru's second priority, which it hopes to be remembered for, is a roadmap proposed "to foster the transition to a formal global economy."
The diplomat emphasized that "this is not just an issue for emerging economies, but also impacts developed economies."
Minister Schialer had outlined that the
proposed roadmap for the leaders includes elements ranging from regulatory coherence to financial and digital inclusion, with the goal of gradually reducing informality through state policies, commitments, and consensus within each APEC member economy.
APEC currently comprises 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.