Peru sets an ambitious goal for its trade with Asia-Pacific nations as it prepares to host the APEC (Asia-Pacific Economic Cooperation) Leaders’ Summit in November 2024.
In addition, the country targets over $80 billion in goods trade with APEC member economies this year, up from $75.789 billion in 2023.
Desilú León, Peru’s Minister of Foreign Trade and Tourism, announced this objective. The 2023 figure represented 67% of Peru’s global trade and 68% of its exports, highlighting APEC’s importance to Peru’s economy.
Since joining APEC in 1998, Peru has become an active member, hosting the summit twice before. The country now has free trade agreements with 14 out of 20 other APEC economies, fostering increased trade and cooperation.
China stands as Peru’s largest APEC trading partner, followed by the United States and Japan. In 2022, trade with China alone accounted for about 30% of Peru’s foreign trade.
Peru’s main exports to APEC economies include minerals like copper and gold, agricultural products, and fishery goods. The theme for Peru’s APEC host year is “Empower. Include. Grow.”
It focuses on inclusive trade, innovation, digitalization, and sustainable growth. Peru’s trade with APEC has grown tenfold since 1998, with an average annual growth rate of 9.5%.
Peru’s APEC Engagement
Peru continues to expand its APEC relationships, negotiating new trade agreements and improving existing ones. The country is also addressing the transition from informal to formal economies, a key issue for many developing nations in the region.
As APEC host, Peru aims to position itself as an attractive destination for investment, trade, and tourism. This aligns with the country’s broader economic development goals and demonstrates its commitment to regional integration.
By setting ambitious trade targets and hosting APEC 2024, Peru shows its dedication to strengthening ties with Asia-Pacific partners.
In short, the country seeks to leverage its strategic position to drive economic growth and development, making the upcoming summit a crucial event for Peru’s economic future.
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