As Peru prepares to host the Asia-Pacific Economic Cooperation (APEC) Summit in 2024, the country stands at a pivotal point to enhance its integration within the Asia-Pacific region. Hosting APEC 2024 in Lima offers Peru a significant opportunity to strengthen its strategic position and deepen economic ties with major economies across the Pacific.
Peru’s active participation in APEC underscores its commitment to multilateral cooperation. By engaging with member economies, Peru aims to expand existing trade agreements, explore new markets, and attract foreign direct investment in key sectors such as sustainable mining and agribusiness. These efforts are geared towards establishing Peru as a vital partner in the region’s economic landscape.
Advancing Regional Economic Integration
In the face of global uncertainties and geopolitical tensions, Peru seeks to play a leadership role in promoting free and fair trade within the Asia-Pacific. By advocating for multilateral agreements that reduce trade barriers and facilitate the exchange of goods and services, Peru is positioning itself as a proponent of regional economic integration.
Enhancing digital connectivity is also a top priority. Embracing the transition to a digitized economy will not only modernize Peru’s infrastructure but also serve as a catalyst for development. Moreover, by promoting sustainability and resilience against challenges like climate change and food security, Peru aims to foster inclusive and sustainable growth.
Strategic Cooperation with China
China remains a key partner for Peru within the APEC framework. The bilateral trade relationship has flourished, with trade volume reaching $37.69 billion in 2023. For a decade, China has been Peru’s largest trading partner and export market, importing essential commodities such as minerals, agricultural products, and fisheries.
Beyond trade, significant infrastructure projects like the Chancay mega-port—a joint investment by Chinese and Peruvian entities—highlight the depth of this cooperation. This port is set to position Peru as a crucial hub for regional connectivity on the Pacific coast, enhancing logistics capabilities and facilitating trade between Latin America and Asia.
Peru and China are also exploring cooperation in technological innovation. By leveraging China’s expertise in advanced technology, Peru hopes to modernize its production processes in sectors like sustainable agriculture and mining. This collaboration aims to boost export competitiveness and promote a diverse, inclusive, and sustainable economy.
Engaging with the Belt and Road Initiative
Peru’s interest in China’s Belt and Road Initiative (BRI) signifies a strategic move to deepen ties with the Global South. Participation in the BRI offers Peru access to new investment opportunities in infrastructure and trade, fostering closer cooperation with emerging economies.
Aligned with its longstanding multilateral foreign policy, Peru sees the BRI as a chance to enhance commercial and political relationships not only with China but also with other nations in the Global South. By upholding commitments to international agreements on environmental protection and human rights, Peru is well-positioned to benefit from a more equitable and collaborative global framework.
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APEC and the strengthening of Peru's integration in the Asia-Pacific
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