The 2024 Asia-Pacific Economic Cooperation (APEC) Summit was held in Lima, Peru, from November 12 to 16, 2024. This significant gathering brought together leaders from 21 member economies to discuss pressing economic and trade issues in the Asia-Pacific region.
Key Highlights
Machu Picchu Declaration: The summit concluded with the adoption of the "Machu Picchu Declaration," emphasizing the importance of sustainable economic growth, digital transformation, and inclusive trade practices. Leaders reaffirmed their commitment to an open, fair, and non-discriminatory trade environment, recognizing the essential role of a secure digital ecosystem in facilitating commerce.
APEC CEO Summit: Held from November 13 to 15, the APEC CEO Summit 2024 convened over 1,200 C-level executives, thought leaders, and government representatives under the theme "People, Business, Prosperity." Discussions focused on innovative approaches to the region's most critical challenges, highlighting the intersection of business growth and societal well-being.
Notable Bilateral Meetings
United States and China: U.S. President Joe Biden and Chinese President Xi Jinping held a significant bilateral meeting, marking their first in-person encounter in a year. The discussions aimed to stabilize relations between the two superpowers, addressing various economic and geopolitical issues.
Peru and China: Peruvian President Dina Boluarte met with President Xi Jinping, resulting in agreements to optimize the existing Free Trade Agreement between their nations. This development underscores Peru's strategic engagement with China to enhance bilateral trade relations.
Challenges and Criticisms
Despite the summit's achievements, it was not without challenges. Strict security measures and the suppression of protests in Lima drew criticism regarding the handling of civil dissent during the event. Additionally, discussions revealed tensions over trade policies and environmental concerns, reflecting the complex dynamics among member economies.
Leadership Transition
At the conclusion of the summit, President Boluarte handed over the APEC chirmanship to South Korea, which will host the next summit in 2025. This transition marks a continuation of APEC's mission to foster economic cooperation across the Asia-Pacific region.
In summary, the 2024 APEC Summit in Lima served as a pivotal platform for dialogue and collaboration among member economies, addressing critical issues such as sustainable development, digital transformation, and the strengthening of bilateral and multilateral trade relationships.