{"id":25921,"date":"2024-11-17T08:04:28","date_gmt":"2024-11-17T06:04:28","guid":{"rendered":"https:\/\/www.ir-ia.com\/news\/?p=25921"},"modified":"2024-11-17T08:04:42","modified_gmt":"2024-11-17T06:04:42","slug":"leaders-of-the-pacific-rim-countries-gather-in-peru-for-apec-summit-2024","status":"publish","type":"post","link":"https:\/\/www.ir-ia.com\/news\/leaders-of-the-pacific-rim-countries-gather-in-peru-for-apec-summit-2024\/","title":{"rendered":"Leaders of the Pacific Rim countries gather in Peru for APEC Summit 2024"},"content":{"rendered":"\n

8 minute read<\/em><\/p>\n\n\n\n

The Asia-Pacific Economic Cooperation (APEC) summit in Lima, Peru, marked a critical juncture for the 21 member economies representing two-thirds of the global GDP and half of the world’s trade. Against major global shifts, the summit featured closed-door discussions, bilateral meetings, and a robust agenda to foster inclusive economic growth and address geopolitical challenges.<\/strong><\/p>\n\n\n\n

As outgoing U.S. President Joe Biden participated in what is likely his final major summit, the world turned its attention to the policies and strategies that may emerge with the impending presidency of Donald Trump. Meanwhile, Chinese President Xi Jinping solidified his influence with strategic partnerships and initiatives, setting the stage for a complex realignment of global power dynamics.<\/p>\n\n\n\n

The final communique from the APEC meeting reiterated calls for cooperation to boost trade and improve living standards. Australian Prime Minister Anthony Albanese highlighted Australia as a reliable trading partner committed to global trade and climate action. He emphasized APEC\u2019s dedication to free and fair trade, as well as addressing climate challenges.<\/p>\n\n\n\n

However, consensus on discussing the economic impacts of wars in Ukraine and the Middle East faltered, with China and Russia reportedly opposing such talks. Despite this, trade and climate change dominated discussions.<\/p>\n\n\n\n


Inclusive growth and global challenges<\/strong><\/p>\n\n\n\n

Peru\u2019s President Dina Boluarte opened the summit with a compelling address emphasizing the importance of inclusive growth. “Our objective is to level the playing field, providing all the necessary tools for inclusion in social, financial, and commercial spaces,” Boluarte said.<\/p>\n\n\n

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\"President<\/a>
Peru’s economic leader, Dina Boluarte, has handed over the presidency of the Asia Pacific Economic Cooperation Forum (APEC) to the Republic of Korea, which will hold the presidency for the entire year 2025. (Image Credit: X\/ANDINA\/Press Office)<\/sup><\/em><\/figcaption><\/figure>\n<\/div>\n\n\n

Peruvian President Boluarte highlighted the need to empower citizens, reduce informal labor, and foster equitable opportunities.<\/p>\n\n\n\n


The summit’s discussions spanned a broad spectrum of issues, including:<\/strong><\/p>\n\n\n\n

Economic <\/strong>i<\/strong>nclusion<\/strong>: Leaders emphasized the necessity of promoting small businesses, increasing access to financial systems, and reducing barriers to trade among member nations.<\/p>\n\n\n\n

Climate <\/strong>a<\/strong>ction:<\/strong> APEC nations reaffirmed their commitment to tackling climate change, with many leaders echoing Biden\u2019s push for more robust global infrastructure and environmentally sustainable development.<\/p>\n\n\n\n

Global <\/strong>s<\/strong>upply <\/strong>c<\/strong>hain <\/strong>s<\/strong>tability:<\/strong> The leaders underscored the urgency of protecting international free trade systems and stabilizing supply chains, a message resonating amidst global economic uncertainty.<\/p>\n\n\n\n


Biden\u2019s farewell summit<\/strong><\/p>\n\n\n\n

U.S. President Joe Biden approached the APEC summit with a clear intent to solidify his foreign policy legacy. With speeches and bilateral meetings, Biden emphasized the need to address emerging challenges amid changing global dynamics.<\/p>\n\n\n\n

In his meeting with the host of the summit, President Dina Boluarte of Peru, Biden discussed U.S.-Peru cooperation in security and counternarcotics, economic investment and trade, and space collaboration.  He reiterated Washington\u2019s commitment to support Peru\u2019s counternarcotics capabilities through a $65 million security assistance package that includes the planned transfer of nine Black Hawk helicopters.<\/p>\n\n\n\n

I met with the leaders of APEC today to reaffirm our commitment to building inclusive, resilient, and sustainable economies across the Asia-Pacific. pic.twitter.com\/pgxZlusAqJ<\/a><\/p>— President Biden (@POTUS) November 16, 2024<\/a><\/blockquote>