Peru’s presidency of the Asia-Pacific Economic Cooperation Forum (APEC PERU 2024) has successfully concluded. After Peru having presided over such an important space for economic and technical cooperation twice previously in 2008 and 2016, APEC PERU 2024 contributes again to strengthening trade relations between the member economies of the region with the adoption, by consensus, of 11 ministerial declarations and eight technical-policy instruments, in addition to the Declaration of the 31st APEC Economic Leaders’ Meeting.

“These achievements are testimony to our collective commitment,” said the President of the Republic of Peru, Dina Boluarte, in her opening remarks at the APEC PERU 2024 Economic Leaders’ Retreat.

Five of these key deliverables were approved during the Economic Leaders’ Week, held in Lima from November 9 to 16. These are the Declaration of the 31st APEC Economic Leaders’ Meeting, the Joint Ministerial Declaration of Ministers of Foreign Affairs and Trade, the Lima Roadmap to Promote the Transition to the Formal and Global Economy, and the APEC Voluntary Principles and Recommendations on Gender Equality and Structural Reform to Advance Women’s Economic Empowerment, as well as the Ichma Declaration on “A New Look at the Agenda of the Free Trade Area of ​​Asia-Pacific (FTAAP)”.

The Declaration of the 31st APEC Economic Leaders’ Meeting reflects the forum’s vision to build a prosperous, peaceful and resilient Asia-Pacific community, empowering the most vulnerable populations and economic actors to receive the benefits of the global economy.

Meanwhile, the Joint Ministerial Declaration of Ministers of Foreign Affairs and Trade seeks to revitalize multilateral cooperation, address economic and social challenges and offer tangible benefits for the peoples of the Asia-Pacific region.

The Lima Roadmap to Promote the Transition to the Formal and Global Economy proposes public policy recommendations to address the problem of informality in APEC economies with a comprehensive approach. This technical-policy instrument is considered the most important deliverable of APEC PERU 2024.

Additionally, the APEC Voluntary Principles and Recommendations on Gender Equality and Structural Reform to Advance Women’s Economic Empowerment aims at strengthening inclusive policies and reaffirms key commitments, such as the La Serena Roadmap.

Finally, the Ichma Declaration on “A new look at the agenda of the Asia-Pacific Free Trade Area” seeks to foster economic integration by strengthening institutional capacities and incorporating new issues on the trade agenda, such as sustainability, inclusion and digitalization, among others.

These five deliverables are added to others adopted during the APEC PERU 2024 presidency, such as the Policy Framework for Developing and Implementing Low-Carbon Hydrogen Policy Frameworks in Asia-Pacific – a fundamental pillar in the transition to greener economies – and the Trujillo Principles for preventing and reducing food loss and waste in the Asia-Pacific region, which is a proposed solution to this environmental and economic concern. APEC PERU 2024 managed to regain consensus, which was evident in all the documents that, in different areas, promote the economic development of the Asia-Pacific region for the well-being of its citizens.