Ministers from the 21 APEC member economies are meeting in Lima on Thursday to reinvigorate multilateral cooperation and trade policy. They are intent on countering economic and social challenges and delivering equitable benefits for the region's 3 billion people.
The 2024 APEC Ministerial Meeting finalized new collaborative initiatives to this end under the theme of Empower. Include. Grow. Priorities include advancing regional economic integration that promotes trade and investment for inclusive and interconnected growth; harnessing innovation and digitalization to promote the transition to a formal and global economy; and intensifying efforts for sustainable growth for resilient development.
The meeting was co-chaired by Peru Foreign Minister Elmer Schialer and Foreign Trade and Tourism Minister Desilu Leon. Representatives from the OECD, World Bank, Inter-American Development Bank, the Food and Agriculture Organization and the World Trade Organization shared perspectives on the global outlook to guide ministers' discussion.
"Hearing from stakeholders, including international institutions, signifies a shared commitment to the principles of collaboration, inclusivity, and progress that define the spirit of APEC," said Minister Schialer as he opened the session.
"Our thematic priorities and deliverables for this year reflect APEC's commitment to addressing the pressing issues facing our region," he continued, "from promoting trade and investment for inclusive growth to harnessing innovation and digitalization for transitioning to the formal economy, and from advancing sustainable development to resilient growth, each priority and deliverable responds to relevant issues of common interest to our economies."
Minister Schialer highlighted that APEC's substantive works this year have been guided by commitment to a strong, balanced, secure, sustainable and inclusive growth, which members need to turn into real outcomes.
"We reaffirm the importance of achieving meaningful regional economic cooperation," he added, pointing to sparing no effort to achieving this endeavor. "We value the importance of including the most vulnerable segments of our societies and, together, pave the way towards the achievement of sustainable development for our economies."
"It is only through collaboration, innovation, and a shared vision for the future that we can overcome the challenges we face and seize the opportunities that lie ahead," he added.
Reflecting on APEC's progress, Minister León said that the meeting of trade ministers in Arequipa in May reaffirmed members support to the WTO; advanced their shared and updated Free Trade Area of the Asia-Pacific (FTAAP) agenda; and underscored their commitment to enhancing connectivity, strengthening resilient supply chains, expanding MSME access to formal and global markets, and fostering the economic empowerment of women through trade.
"Trade and investment have been cornerstones of APEC's mission since its founding," she noted. "Amid current global challenges, it is crucial for us to continue championing our core objectives and serve as a model for international cooperation."
"We recognize that the challenges before us are substantial," concluded Minister León. "However, we remain confident that APEC's focus on trade liberalization and facilitation will lead to greater efficiency, competitiveness, and growth, ultimately elevating the standards of living for our people."
The APEC Ministerial Meeting will be followed by the 2024 APEC Economic Leaders' Meeting on 15-16 November.
