Peru, since its incorporation into the Asia-Pacific Economic Cooperation Forum (APEC)in 1998, has obtained notable benefits that have strengthened its economic development.
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To get an idea of the relevance of this club, we must take into account that APEC brings together 21 economies that represent 62% of the world’s GDP, that is, almost half of international trade, and 40% of the global population.
Peru, along with Mexico and Chile, is one of the few Latin American countries that is part of this Asia-Pacific “league.” And in a context in which the forum is taking place in our country, we review the main benefits of having this strategic membership.
The bet
Peru has built an open economy model, betting on integration with other economies to boost its growth and diversification. This strategy has allowed sectors such as mining and agribusiness to find new markets and position the country as leaders in the provision of these goods. To this end, trade agreements and access to forums such as APEC have been relevant to the development of this vision of world integration.
To date, Peru has signed 10 trade agreements with 20 APEC economies, and is currently in negotiations for two new agreements. Since 1998, Peru’s trade exchange with the APEC economies has registered an increasing level, reaching an average annual rate of 11%. At the end of 2023, Peruvian exports to this bloc exceeded US$44 billion, while imports totaled more than US$33 billion.
Trade in goods
Exports to APEC have multiplied by 14 since Peru entered the forum, highlighting products such as copper, 90% of which is destined for APEC economies, fish meal, fresh grapes, blueberries and asparagus. In particular, the non-traditional agro-export sector has shown significant growth, with an annual increase of close to 17%.
Likewise, the import of intermediate goods, vital for the competitiveness of the local industry, has grown on average by 12.4% annually. This commercial dynamic has allowed Peru not only to diversify its exports, but also to strengthen its industrial capabilities through the import of high-quality inputs and technology.
On the other hand, the APEC bloc has been fundamental for Peru in the acquisition of technology and electronic products that boost the country’s well-being and productivity. A large part of the smartphones, laptops, tablets and televisions consumed in the country come from economies in this forum, which has improved the quality of life of Peruvians and strengthened the country’s technological infrastructure.
Tourism
In addition to trade, the tourism sector has also received a significant boost thanks to Peru’s membership in the APEC forum. According to available figures, since 2004 the flow of tourists from APEC economies has tripled. By the end of 2019, before the pandemic, 51% of international tourists in Peru came from member countries of this bloc.
The arrival of APEC visitors has generated not only tourism revenue, but also a cultural exhibition that has allowed Peru to showcase its historical and natural wealth to a broader international audience. This, in turn, has driven the development of tourism infrastructure and created jobs in the most visited regions of the country, strengthening local economies and diversifying sources of income.
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