Peru has been an active member of the Asia-Pacific Economic Cooperation (APEC) forum since 1998, playing a crucial role in expanding its international outreach across the Asia-Pacific region. APEC has provided Peru with significant trade opportunities, with 66% of its trade in goods being carried out with other APEC economies. The country has also negotiated bilateral free trade agreements with important APEC members such as China, Singapore, Thailand, the United States, Canada, South Korea, Chile, Mexico, Japan, and Australia. These agreements have contributed to Peru's economic growth and integration into the global market.
The APEC Peru 2016 Presidency generated investment opportunities worth approximately US$9.4 billion, highlighting the positive economic impact of hosting APEC events. Peru has also received substantial funding from APEC, with US$2.823 million allocated between 2016 and 2021 to finance various projects in different working groups. Additionally, Peru became a State Party to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2021, further expanding its trade opportunities.
Peru is set to host the Asia-Pacific Economic Cooperation (APEC) Forum Leaders' Summit in November 2024. The handover of the Pro-Tempore Presidency of APEC from the US to Peru took place on November 17, 2023, marking the beginning of Peru's preparations for the event. The APEC 2024 forum aims to develop an agenda focused on inclusive and sustainable growth, trade and investment, innovation, and sustainable development. The forum will take place in various cities across Peru, including Lima, Urubamba, Arequipa, Trujillo, and Pucallpa.
To ensure that the benefits of the APEC forum reach civil society, Peru will implement the 'APEC Ciudadano Perú 2024' initiative. This initiative aims to engage and involve the public in the discussions and outcomes of the forum, fostering a sense of ownership and inclusivity.
APEC is composed of 21 leading economies, accounting for a significant portion of global GDP, trade, and population. The forum plays a crucial role in promoting economic cooperation and integration in the Asia-Pacific region. By hosting the APEC Peru 2024 forum, Peru aims to foster inclusive and sustainable growth, strengthen trade and investment ties, promote innovation, and advance sustainable development in the region.
