Issued by the APEC Secretariat
SINGAPORE – Under the theme “Empower. Include. Grow,” the 2024 APEC Economic Leaders’ Week, hosted in Lima, Peru from 9-16 November, set a dynamic platform for dialogue among leaders, ministers and senior officials from APEC’s 21 member economies. The weeklong event, which culminated in the adoption of the Machu Picchu Declaration, underscored APEC’s commitment to fostering inclusive, innovative and sustainable economic growth in the region.
Spotlight on leadership
Complementing the high-level deliberations, participating leaders and their representatives provided insights into their economies’ priorities and perspectives on key issues such as climate change, digital transformation and equitable trade policies.
Engaging with the public in interviews alongside their retreat, leaders emphasized members’ shared vision for advancing collaboration to address both regional and global economic challenges.
Trade and investment: This year, APEC prioritized efforts to make trade more inclusive and interconnected, with emphasis on transparency and resilience in supply chains. Leaders agreed on the Ichma Statement to advance the Free Trade Area of the Asia-Pacific (FTAAP), underscoring adaptability to global challenges.
Malaysia’s Prime Minister Anwar Ibrahim spoke about promoting free trade through multilateral platforms such as APEC. He also shared how free trade can benefit people through an increase in productivity and exposure to new technologies.
Inclusion, innovation and digitalization: The agenda centered on leveraging technology to transition vulnerable groups from informal to formal economic sectors, supporting inclusive development. Leaders endorsed the Lima Roadmap to Promote the Transition to the Formal and Global Economies (2025-2040).
New Zealand’s Prime Minister Christopher Luxon discussed how members can make trade more inclusive and more understandable for the people.
Papua New Guinea’s Deputy Prime Minister John Rosso highlighted the importance of policies to regulate and reap the benefits of new digital advancements, such as artificial intelligence.
Sustainability and resilience: Leaders welcomed a number of high-level deliverables including the Trujillo Principles for Preventing and Reducing Food Loss and Waste in the Asia-Pacific Region, the APEC Policy Guidance to Develop and Implement Clean and Low-carbon Hydrogen Policy Frameworks to support a green energy transition, as well as the Sustainable Finance Initiative.
Prime Minister Anthony Albanese of Australia spoke about how members are addressing common challenges in the Asia-Pacific, such as supply chain resilience, food security and climate change.
Strengthening cooperation: Leaders reaffirmed their commitment to ensuring that the Asia-Pacific remains the world’s most dynamic and interconnected region.
Chief Executive John Lee of Hong Kong, China said that this year’s theme “Empower. Include. Grow.” captures the essence of cooperation among APEC economies.
The Philippines Special Envoy for APEC Economic Leaders’ Meeting, Ma. Christina Aldeguer-Roque, reaffirmed the importance of collaboration to create a more dynamic and resilient economic landscape that benefits all APEC economies.
Representative Lin Hsin-i of Chinese Taipei spoke about fostering collaboration and related issues that are highly relevant for development in the region.
