Central
In this regard, they recognized that increasing the transition of informal economic actors into formal and global economies can “improve the prospects for inclusive and sustainable economic growth” of their economies.
This instrument is the most important deliverable of the APEC Peru 2024 presidency and will serve as a public policy recommendation to encourage the gradual reduction of high levels of informality. As host, Peru included this issue in the permanent APEC agenda through the Aotearoa Action Plan and represented one of the central priorities of our APEC presidency.
Other commitments
The leaders also reaffirmed their commitment to ensure that Asia and the Pacific remains the most dynamic and interconnected region in the world. They also noted that effective multilateral cooperation is even more important in a world marked by rapid and unprecedented changes that pose the challenge of adapting economies.
The document signed yesterday, named the Machu Picchu Declaration of APEC Leaders, indicates that the leaders of APEC 21 economies take note of the important changes that affect areas such as trade and investment, the environment (including climate change), food security and energy security.
“In this context, effective multilateral cooperation is even more important,” they said.
In addition, they recognized the importance of a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade and investment environment. In this regard, they reaffirmed their support for the rules-based multilateral trading system, with the World Trade Organization (WTO).
They also welcomed efforts to accelerate the full implementation of the La Serena Roadmap for Women and Inclusive Growth in order to achieve gender equality and promote the economic empowerment of women in the Asia-Pacific region. Likewise, APEC leaders recognize the detrimental impact of corruption on economic growth and development, which is why they committed to preventing and combating corruption and denying safe haven to the corrupt and their illicit assets.
They also highlighted that digital transformation and innovation can be key drivers of economic growth and contribute to social inclusion.
Handover of presidency
President Boluarte transferred the presidency of the APEC Forum to the Republic of Korea, which will hold it throughout 2025.
Boluarte symbolically handed over a varayoc to the President of Korea, Yoon Suk-yeol. “Allow me to also make this delivery with this symbol of command that our Incas used, which is the varayoc,” he added.
At the leaders’ meeting, three deliverables that were discussed during this year were approved. These are the APEC Leaders’ Declaration 2024; the Lima Roadmap to promote the transition to the formal and global economy; and the Declaration on a new look at the APEC free trade area.