concluded on Friday with a positive outcome after setting goals on three specific issues: transition towards formality, sustainable development, and food waste reduction.
"We have achieved a very broad discussion of the priorities presented by Peru and that have been adopted by each member economy, in addition to the deliverables or objectives that we intend to fulfill throughout this year," 2024 Chair of APEC Senior Officials' Meetings (SOM1), Peruvian Ambassador Carlos Vasquez, told Andina news agency.
The SOM1 —which took place from February 24 to March 8 in Lima— saw the participation of more than 1,400 delegates from member economies at a total of 73 technical meetings and 27 working groups.
Vasquez explained that a roadmap on the transition of informal economic actors towards formality and global markets has been proposed.
"It has received plenty of attention and has been considered by APEC economies as one of the most important proposals," he said.
This work plan will include: structural reforms, addressing financial inclusion, access to education and health, as well as the intensive use of digitalization and innovation to foster this gradual transition.
"There are some foreign investors highly interested in developing this type of new energy in Peru. It is still in a preliminary period, but many of the member economies have let us know their interest in the possibility of exploring investment opportunities in that energy in Peru," he remarked.
Benefits
According to Ambassador Vasquez, the holding of these meetings opens up the possibility of discussing new free trade agreements (FTAs) and drawing foreign investments into Peru.
"APEC is not a forum that adopts decisions of a mandatory nature; everything is voluntary, but it generates a virtuous circle through which —supported by the regular meeting of Peruvian high-level officials with their peers from Asia-Pacific region— a series of processes open up, for example, signing free trade agreements," Vasquez noted.
"The fact that the meeting is taking place in Peru will, without any doubt, bring interest from member economies in deepening their commercial ties with Peru and in boosting their investments," he added.
Upcoming meetings
The SOM chairman specified that they will continue to advance based on the agreements adopted in this first period.
The Second APEC Senior Officials' Meeting (SOM2), related events, and the Meeting of Ministers Responsible for Trade (MRT) will take place in Peru's southern city of Arequipa from May 4 to 18, 2024.