APEC 2024: the window to empower mypes

For the third time, Peru will preside over the Asia-Pacific Economic Cooperation Forum (APEC) to be held in 2024. During this period, more than 150 meetings will be held with representatives of the 21 economies that make up this bloc —among them China, the United States, Japan, Canada and South Korea, our main partners—, in order to develop more efficient public policies to meet the needs not only of large companies, but also of mypes.

Diversify the objective

In accordance with Renato Reyes Tagle, director of APEC and senior official of Peru for this forum, the work tables and the subsequent summit to be held in our territory will serve as a laboratory to encourage the empowerment of people, considering that 70% of Peruvians work in the informal economy. At the Asia-Pacific level, the informality rate covers 67% of the population.

Reyes recalled that Peru has signed ten free trade agreements (FTAs) with APEC member countries, which fostered the generation of markets for the purchase of goods at competitive prices, which nourish the productive capacity of businesses; as well as the commitment to fintech as the key to breaking precariousness.

“It means an opportunity for Peru with 60% of global trade concentrated in APEC: the most dynamic in the world. In our 2008 and 2016 presidencies, more than US$9.4 billion remained in the country in terms of investments,” he told La República.

In this forum they are also expected to discuss adjustments to digital commerce, which after the pandemic bought all the tickets to stay in everyday life. The discussion would turn to the payment of taxes by some companies that operate in Peru, but since they are domiciled in other countries they do not comply.

Foreign trade

In total terms, during 2022, the commercial exchange between the APEC countries and Peru was approximately US$83 billion, almost US$10 billion more than in the bicentennial year.

The main Peruvian shipments abroad were copper and its concentrates, goldrefined copper cathodes, iron and its concentrates and liquefied natural gas. They are followed, in terms of food, by fresh grapes, cranberries, coffee, avocados and asparagus.

In terms of exports, the total shipments were US$42,552 million.

On the other hand, in terms of imports, US$40,325 million moved, some US$7,000 million more than in 2021. Among the products that entered our market the most are diesel B5 and 2mobile phones, gasoline, oil, assembled vehicles, wheat and scrap iron or steel, etc.

“It is a recognition of our capacity”

Carlos Chavez-Taffur, president of the APEC Peru 2024 Presidency working group, points out that by designating Peru as the host for this global forum, its ability to organize these events and lead them is recognized, despite the context of social rejection of the Dina Boluarte government and the clamor for the call for new elections.

“It is an unbeatable opportunity to place Peru in the international arena of APEC as a center where these meetings can be held,” he told this newspaper. In addition, despite the global tension over the future of the economies of China and the United States, he remains optimistic with the results that can be achieved in this space.

The word

Approach. Renato Reyes, High Official of Peru for APEC

“APEC is the laboratory for the creation of more efficient public policies (…) We aspire, with the presidency (of the forum), to work on the empowerment of people, especially mypes.”