From 10 to 16 November, Peru is its headquarters APEC 2024. This international event resulted in road closures, virtual classes in schools and non-working days across the country. Undoubtedly, the prospect is great.
APEC is the acronym in English for Asia-Pacific Economic Cooperationwhich is in Spanish Asia-Pacific Economic Cooperation. As its name suggests, it is a forum established in 1989 to promote economic growth, technical cooperation and free trade and investment in the Asia-Pacific region.
Since its creation, APEC has been a vital policy coordination mechanism between economies that account for more than 60% of global GDP and nearly 50% of global trade. Through a non-binding approach, based on consensus and open dialogue, APEC seeks to improve the trade and investment environment in its 21 member economies.
The forum brings together different economies from the most developed, such as the United States and Japan, to those that are developing rapidly, such as Vietnam and the Philippines. This fosters a flexible and dynamic working environment. APEC is distinguished by its unique character that promotes technical and economic cooperation in areas such as food security, climate change, small and medium-sized businesses, and digital inclusion, among others. This inclusive and collaborative approach not only promotes equitable economic growth, but also allows us to address common challenges with innovative solutions tailored to the needs of each member.
Xi Jinping and Joe Biden confirmed their participation in the APEC Peru 2024 forum.APEC holds annual meetings, highlighted by leaders’ summits and ministerial meetings, where cooperation priorities are established and progress on commitments made is reviewed. The leaders’ summit is particularly important because it provides a platform for direct dialogue between heads of state and government, facilitating political and economic agreements that influence the global agenda.
Peru has been chosen to host the APEC 2024 summit, an event that represents a great opportunity for the country in several dimensions. The selection of Peru as its headquarters not only highlights its continued commitment to the principles of free trade and international economic cooperation, but also underscores its rise as a key player within the Asia-Pacific region.
This is the third time that Peru will host the forum, since then previously hosted in 2008 and 2016. Each of these occasions provided a platform for the country to demonstrate its economic progress and its ability to lead important regional dialogues.
The country will have the opportunity to facilitate discussions focused on comprehensive economic reactivation, technological innovation, and strengthening supply chains, critical issues for the Asia-Pacific region. As host, Peru will be able to draw attention to key sectors of its economy, such as mining, sustainable tourism and agribusiness. Therefore, it will promote presence and investment in those areas by APEC member states.
They close Javier Prado Avenue for APEC 2024.| Photo composition: Infobae PeruLikewise, by hosting such a significant event, Peru will allow strengthening its bilateral and multilateral ties to not only attract foreign direct investments, but also to promote cultural and educational exchange. The APEC Summit will also give the country an opportunity to consolidate its international image as a safe and attractive destination for tourism and business, as well as showcase its cultural, culinary and geographical diversity to a global audience. This high-visibility situation will contribute to improving the narrative about Peru’s economic potential and its role in the dynamism of the regional economy.
Hosting the summit also poses significant logistical and security challenges, requiring meticulous planning and coordination between various government and private institutions.
- Australia
- Brunei Darussalam
- Canada
- Chile
- China
- United States of America
- Philippines
- Hong Kong
- Indonesia
- Japan
- Malaysia
- Mexico
- New Zealand
- Papua New Guinea
- Peru
- Russia
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Interview: Understanding the Impact of APEC 2024 and Peru’s Role
Time.news Editor: Today, we’re honored to have with us Dr. Elena Ruiz, an esteemed expert in international economic cooperation and trade policy. Dr. Ruiz, thanks for joining us to discuss the upcoming APEC 2024 summit in Peru, which is creating quite a buzz globally!
Dr. Elena Ruiz: Thank you for having me. I’m excited to share insights on this significant event!
Editor: Peru is hosting APEC for the third time now. What do you think this conveys about the country’s growing influence in the Asia-Pacific region?
Dr. Ruiz: Hosting APEC for the third time indeed highlights Peru’s commitment to enhancing its role in international economic discussions. This opportunity not only showcases Peru’s ability to facilitate dialogue among diverse economies but also signals its rise as a vital player in the Asia-Pacific—an area that represents over 60% of global GDP and nearly 50% of global trade.
Editor: APEC is known for its non-binding approach and consensus-building. How does this unique model benefit member economies, particularly a developing country like Peru?
Dr. Ruiz: APEC’s non-binding approach allows for flexibility and fosters a collaborative environment among member states. For Peru, this means it can engage with both developed economies like the United States and growing markets like Vietnam without the pressure of binding commitments. It places Peru in a position to advocate for its specific interests, such as mining and sustainable tourism, while also gaining insights from more mature economies on addressing challenges like climate change and digital inclusion.
Editor: The impact of APEC 2024 will extend beyond the summit itself, influencing local dynamics. Can you elaborate on the immediate effects, such as the road closures and school virtual classes?
Dr. Ruiz: Absolutely. Hosting an event of this magnitude often requires extensive security and infrastructure preparations, which can disrupt daily life. While road closures and adjustments to educational activities may inconvenience residents temporarily, they also bring a greater visibility to Peru. This heightened security presence demonstrates readiness on a global stage and sets the tone for international cooperation. The disruptions are a small price to pay for the long-term benefits of increased foreign investment and enhanced international reputation.
Editor: Xi Jinping and Joe Biden have confirmed their participation in the summit. How significant is this for APEC and for Peru specifically?
Dr. Ruiz: Their participation is incredibly significant. It indicates that major players in the global economy see value in the APEC platform and are willing to engage directly with their peers. For Peru, hosting such leaders opens pathways for crucial bilateral discussions that could lead to trade agreements and investments specifically tailored to Peru’s economic sectors. This could potentially elevate Peru’s profile even further on the world stage.
Editor: What key issues do you think will dominate the agenda at APEC 2024, and how can Peru leverage its position to influence these discussions?
Dr. Ruiz: I anticipate that comprehensive economic reactivation, supply chain resilience, and technological innovation will be at the forefront of discussions. Peru can leverage its strategic geographic position and rich natural resources by promoting sectors like agribusiness and sustainable tourism. By highlighting these areas, Peru can attract not only investments but also partnerships aimed at sustainable development and innovation. It’s an enormous opportunity to not just shape local policy but also contribute meaningfully to the broader regional agenda.
Editor: Thank you, Dr. Ruiz, for your insights on APEC 2024 and Peru’s role. It’s fascinating to see how such events can redefine relationships within the global economy. Any final thoughts as we approach this significant summit?
Dr. Ruiz: Yes, it’s crucial to remember that while APEC 2024 is a platform for economic cooperation, it also offers a chance for cultural and educational exchanges that can enrich all member nations. I believe that the collaborative spirit fostered through APEC can yield innovative solutions for shared challenges, ensuring sustainable growth that benefits every economy involved.
Editor: Well said! Thank you again, Dr. Ruiz. We look forward to witnessing how APEC 2024 unfolds in Peru and impacts the region and beyond.