Andina

APEC Peru 2024: Mincetur leads Asia-Pacific Free Trade Area dialogue

Photo: Ministry of Foreign Trade and Tourism of Peru

Photo: Ministry of Foreign Trade and Tourism of Peru

11:26 | Arequipa (Arequipa region), May. 13.

Within the framework of the Asia-Pacific Economic Cooperation (APEC) forum 2024, which is currently held in the Peruvian city of Arequipa, the Ministry of Foreign Trade and Tourism led the second dialogue session on the Free Trade Area of the Asia-Pacific (FTAAP).

This session was intended to provide various perspectives, suggestions, and proposals aimed at advancing the FTAAP agenda, which —as concluded in the first session last March— needs to be enhanced and renewed in the face of new challenges facing current international trade.

In this regard, the APEC Business Advisory Committee (ABAC) led an initial presentation on the private sector's vision to achieve this Free Trade Area.

On the other hand, Peru —with Mincetur as the competent sector— proposed focusing the dialogue on identifying the needs that must be covered to advance this process, on traditional and new generation issues, including non-tariff measures, digital economy, among others.

Besides, it was recommended that the Committee on Trade and Investment (CTI) lead efforts to involve other committees and working groups in order to include in its agenda strategies to continue improvements on the FTAAP, and compile other experiences with the participation of organizations such as the Economic Commission for Latin America and the Caribbean (ECLAC) and the Inter-American Development Bank (IDB).

About APEC

As is known, the Asia-Pacific Economic Cooperation (APEC) forum was established in 1989 to promote economic cooperation across the region.


Between 2000 and 2023, Peru's trade with APEC member economies experienced an average annual growth of 10%.

In 2023 alone, APEC accounted for 67% of Peru's trade with the world, including exports worth US$44.089 billion and imports worth US$31.459 billion.

(END) NDP/MVB

Published: 5/13/2024