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APEC's Impact on Peru: Connecting Markets and Fostering Growth

For the third time, Peru is set to host the Asia-Pacific Economic Cooperation (APEC) forum Leaders' Summit in November this year. This event promises to have a positive impact on our country's economy, and preparatory meetings are already underway in the South American nation.

Peru's APEC Membership: A Milestone for Economic Outreach

Since joining APEC in 1998, Peru has achieved significant milestones in its foreign policy. Membership in this dynamic forum has allowed our economy to consolidate its international presence across the Asia-Pacific region, which is known for its innovation and rapid growth. By connecting with the largest markets, Peru has fostered opportunities for inclusive and sustainable development.

Trade Growth and Integration

Peru's entry into APEC has facilitated robust trade growth. Our trade with other member economies has expanded by an average of 12% annually. Remarkably, 66% of Peru's trade in goods now occurs with fellow APEC economies. Bilateral free trade agreements have been successfully negotiated with key APEC members, including China, Singapore, the United States, and others.

Empowering Small and Medium-sized Enterprises (SMEs)

APEC has not only connected Peru to major markets but also integrated Peruvian companies into regional and global value chains. The internationalization process for small and medium-sized enterprises (SMEs) has received a significant boost. Approximately 1,500 SMEs and 2,200 micro, small, and medium-sized enterprises (MSMEs) now trade more efficiently with the Asia-Pacific region.

Investment Opportunities and Infrastructure Enhancement

The APEC Peru 2016 Presidency was a pivotal moment. It attracted over 1,200 businesspeople from the Asia-Pacific region, resulting in investment opportunities worth approximately US$9.4 billion. Additionally, infrastructure improvements were made to support international meetings.

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

In 2021, Peru consolidated its position as a State Party to the CPTPP, a mechanism promoted by APEC. Our exports to the APEC zone reached US$37.994 billion, while imports from this bloc amounted to US$30.479 billion.

Advancing Social Diplomacy

The APEC Peru 2024 Presidency offers an opportunity to address Peru's economic and social challenges through international cooperation. With a focus on empowerment, inclusion, and growth, APEC 2024 aims to contribute to post-pandemic economic recovery and income opportunities in sectors like accommodation, transportation, food, and tourism.

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