APEC Leaders’ Week concludes in Peru
APEC Leaders’ Week finalizes in Peru
Last weekend, the 21 member economies gathered in Lima to cover key challenges in the Asia-Pacific region and discuss policy collaboration to overcome barriers in trade and investment between partner countries.
The APEC group accounts for two-thirds of the world’s GDP and half of the world’s total trade. Under the Peruvian presidency, the summit focused on committing to regional integration through supply chain connectivity, digitalization to promote a formal global economy and the development of green hydrogen frameworks within the region.
These issues highlight the growing linkages between Asia and Latin America. In the short term expect further investment in infrastructure to better the link between Latin American economies and Asia-Pacific. Member countries from the Pacific Alliance (Chile, Peru, Colombia, and Mexico) are expected to leverage their relations with the region to increase trade and investment in critical minerals needed for the transition to low-carbon economies in Asia-Pacific. Long-term, similar efforts are likely to be made for further integration under the Trans-Pacific Partnership and the Free Trade Area of the Asia-Pacific to mitigate the challenges posed by global economic fragmentation.
