6th October 2024
Peru retakes the spotlight at intervals of 8 years by hosting the Asia-Pacific Economic Cooperation (APEC) for the third time in 2024. This event marks a pivotal moment for Peru, enhancing its foreign policy and driving economic recovery.
By hosting APEC, Peru will lead high-level discussions, shaping the future of the Asia-Pacific region. This article will guide you through APEC’s key elements, including its establishment, objectives, and impact on global economies.
Topics covered include the following:
Establishment of APEC
The Asia-Pacific Economic Cooperation (APEC) was established in November 1989 to address the growing interdependence of Asia-Pacific economies and foster sustainable economic growth. Today, APEC unites 21 member economies, promoting trade, investment, and innovation for regional shared prosperity.
Its objective is to achieve significant economic growth in the Asia-Pacific region through trade, investment, innovation, and inclusive development.
Objectives of Putrajaya Vision 2020-2040
Underpinning APEC’s strategic vision is the Putrajaya Vision 2020-2040, which emphasizes creating a dynamic and resilient Asia-Pacific community. This vision centers on creating an open, dynamic, resilient, and peaceful Asia-Pacific community by supporting:
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- Trade and Investment
- Innovation and Digitalisation
- Strong, Balanced, Secure, Sustainable and Inclusive Growth
This forum aims to encourage regional economic integration and competitiveness among its members. It is a driving force for initiatives and a hub for best practices to enhance public policies through cooperation projects.
APEC achieves its goals through joint efforts in economic and technical cooperation, human security, trade, investment, advancement of the digital economy, financial inclusion, and facilitation of initiatives to enhance sectoral public policies, among other endeavors.
APEC’s Main Goals
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Trade and Investment
To keep the Asia-Pacific region as the world’s most dynamic and interconnected economy, APEC members recognize the importance of fostering a free, open, fair, non-discriminatory, transparent, and predictable trade and investment environment. They remain committed to supporting the established rules of the World Trade Organization (WTO), ensuring a well-functioning multilateral trading system, and promoting the stability and predictability of international trade flows.
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Innovation and Digitalisation
To empower people and businesses across the region, APEC members are committed to creating a market-driven environment supported by the digital economy and innovation. They aim to implement structural reforms and sound economic policies that promote innovation, enhance productivity, and stimulate economic dynamism. Through improving digital infrastructure, APEC seeks to accelerate digital transformation, narrow the digital divide, and facilitate data flow while building consumer and business trust in digital transactions.
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Strong, Balanced, Secure, Sustainable and Inclusive Growth
APEC members are dedicated to fostering strong, balanced, inclusive growth that ensures the region’s resilience to crises, pandemics, and other emergencies. To prepare their populations for the future, APEC will intensify inclusive human resource development efforts and strengthen economic and technical cooperation. In addition, they will pursue economic policies and partnerships that support global efforts to address environmental challenges.
Meetings, Structure, and Events
Each year, the APEC Presidency organizes its activities around four major blocks of events: the Senior Officials’ Meetings (SOM). These meetings are the backbone of APEC’s annual schedule, driving policy discussions and coordination among member economies.
The APEC year officially kicks off with the Informal Senior Officials Meeting (ISOM), during which the host economy unveils the annual theme and sets the priorities for the year. In addition to these critical meetings, the APEC calendar is filled with various sectoral ministerial conferences and gatherings of committees, subcommittees, working groups on specialized topics, and more.
Beyond these events mentioned, APEC hosts over 160 events throughout the year, each at varying levels of participation and significance. These events culminate in the highly anticipated Economic Leaders’ Meeting, which brings together the heads of state and government from the 21 member economies to discuss the region’s most pressing economic challenges.
APEC Peru 2024
Peru’s history of hosting APEC
Peru will host APEC for the third time, having previously done so in 2008 and 2016. From late 2023 through 2024, Peru will organize over 160 meetings, following APEC’s established work schedule and standards.
As a member of APEC since 1998, Peru’s participation in the forum marks a significant achievement in its foreign policy. It allows the country to strengthen its presence in the Asia-Pacific region, one of the world’s most dynamic, innovative, and rapidly growing areas.
The impact of APEC on Peru’s economy
The events planned for APEC 2024 will play a crucial role in Peru’s post-pandemic economic recovery by generating income opportunities for critical sectors such as accommodation, transportation, food services, and tourism.
Throughout the APEC Peru 2024 presidency, the country will champion an agenda that aligns with domestic priorities. The focus will be on equipping them with the tools and opportunities to participate competitively in the global economy while promoting their economic and social inclusion.
Why Choose Royal American for APEC 2024?
As with any international gathering of this scale, seamless logistics, secure transportation, and executive protection are paramount. That’s where Royal American steps in!Â
Whether attending as a government official, corporate executive, or industry leader, we offer comprehensive transportation and security solutions to help you maximize your time at APEC 2024.
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- VIP Meet & Greet Service: Our dedicated team will assist you through every step of the arrival process, including baggage handling, customs clearance, and swift transfers to your hotel or event venue.
- Executive Transportation: We offer a fleet of comfortable vehicles designed for amenity, privacy, and punctuality. Whether you need Group Transport for your delegation or a Personal Chauffeur Service for executive travel, we guarantee a seamless experience!
- Secure Transportation & Executive Protection: Security is paramount during high-profile events. Royal American offers armored vehicles and executive protection to ensure your safety throughout the event. Our security professionals are highly trained and experienced in handling complex environments, giving you peace of mind as you move between meetings and venues.
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How Royal American Enhances Your Experience
Our services allow you to focus on what matters most—building relationships, engaging in meaningful discussions, and shaping the future of the Asia-Pacific region!
From airport transfers to VIP meet-and-greet services, secure transport, and executive protection and transportation, we offer a full suite of services to ensure your experience is nothing short of exceptional.
Ready to enhance your APEC 2024 experience? Contact Royal American today to learn more about our tailored transportation and security solutions. Our team is standing by to discuss your unique requirements and ensure you have everything you need to make the most of APEC 2024 in Peru.
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