Highlight 19/2025: What were the benefits of APEC 2024 for Peru as a host economy?
Lisseth Lipa Cano, 31 March 2025
The Asian-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC’s 21 members[1] aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative, and secure growth and by accelerating regional economic integration.
For the third time in less than 20 years, Peru hosted the APEC summit in 2024. The event took place amid a period of economic renewal and a challenging post-pandemic recovery. The country continues to grapple with the lasting effects of the economic shock, particularly in the vital tourism sector. The summit’s primary goal was to foster an environment where trade could become more open, equitable, transparent, and inclusive, ultimately driving growth and prosperity for its members.
This has largely been the case, given the rebound in Peru’s tourism economy and the intensification of trade partnerships, particularly with the Asian continent. The successful completion of the Megaport of Chancay in November 2024 is an emblematic example. It is worth pointing out that economic exchanges are increasing with China, but also with other Asian countries, significantly reconfiguring trade dynamics in favor of Peru’s emerging economy.
Peru became a member of APEC in 1998, and since then, bilateral free-trade agreements have been negotiated with China, Singapore, Thailand, South Korea, Chile, Mexico, Japan, and Australia. Thanks to these agreements, around 1,500 Small and Medium-sized Enterprises (SMEs) and 2,200 Micro, Small, and Medium Enterprises (MSMEs) now trade more efficiently with the Asia-Pacific region. The Lima Summit served as a gateway for foreign investment in sustainable projects. Between 2016 and 2021, Peru received USD 2,823,000 in APEC funds, which were allocated to finance 36 projects.
This form of Business-to-Business (B2B) networking brought together producers of tourism products from other countries, who offered their support and advice in marketing local Peruvian products. The summit was therefore not just a platform for foreign investment but also a space for exchanging know-how, production techniques, and marketing strategies that strengthened business ties and fostered interpersonal cooperation.
Emphasis was placed on the empowerment of women and their increasingly visible role as entrepreneurs in Peruvian society. The summit marked a turning point in this respect, showcasing remarkable « Made in Peru » projects led by women whose dynamism and proactivity were widely recognized.
Considering that approximately 5,200 Peruvian companies exported goods to the APEC zone for a total of 37,994 million dollars, representing 66% of Peru’s trade in goods, such an event holds considerable importance. Moreover, demonstrating that the country has the necessary infrastructure and security to host an international event of this magnitude further highlights Peru’s growing role on the global economic and political stage.
In conclusion, APEC has brought significant economic benefits to Peru since the country became a member. The 2024 summit played a crucial role in revitalizing the Peruvian economy, particularly in the hospitality sector, through meetings held in various cities, including Cusco, Arequipa, Pucallpa, Trujillo, and Lima.
[1] Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; and Viet Nam.
Lisseth Lipa Cano, Highlight 19/2025: Highlight 19/2025: What were the benefits of APEC 2024 for Peru as a host economy?, 31 March 2025, available at www.meig.ch
The views expressed in the MEIG Highlights are personal to the authors and neither reflect the positions of the MEIG Programme nor those of the University of Geneva.