Peru has been a member of the Asia-Pacific Economic Cooperation (APEC) forum since 1998, enabling the country to consolidate its international outreach across the Asia-Pacific region. Trade with other APEC economies has grown by an average of 12% per year since Peru's entry into APEC, and 66% of Peru's trade in goods is carried out with other APEC economies [29d55e67]. Peru has also negotiated bilateral free trade agreements with important APEC members. The APEC Peru 2016 Presidency generated investment opportunities worth approximately US$9.4 billion and enhanced infrastructure for international meetings [9ea519c9]. In 2021, Peru became a State Party to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), further expanding its trade opportunities [29d55e67]. Peru has received US$2.823 million in APEC funds to finance various projects between 2016 and 2021 [29d55e67]. The APEC Peru 2024 Presidency offers the opportunity to promote social diplomacy and address economic and social challenges through international cooperation [9ea519c9].
Peru recently hosted a meeting of APEC trade ministers in Arequipa to strengthen ties and promote inclusive trade. The ministers discussed various key topics, including support for the World Trade Organization (WTO), efforts on the Free Trade Area of the Asia-Pacific (FTAAP) agenda, and enhancing access to formal and global markets for micro, small, and medium enterprises (MSMEs) [9ea519c9]. They also addressed challenges and opportunities in future trade agreements, the reduction of tariffs on agricultural and non-agricultural goods, and the need to address non-tariff measures affecting trade. The meeting aimed to foster resilient economies and navigate the complex trade environment shaped by global uncertainties and the impacts of the pandemic. Peru, as the host of APEC 2024, aims to reinvigorate the FTAAP agenda [9ea519c9].
APEC consists of 21 leading economies, including Australia, Canada, China, Japan, the United States, and Vietnam, accounting for a significant portion of global GDP, trade, and population [9ea519c9].