APEC Leaders, Ministers To Discuss Policies To Thrive Economies, Inclusiveness

From M. Saraswathi

LIMA (Peru), Nov 11 (Bernama) -- The 2024 Asia Pacific Economic Cooperation (APEC) Economic Leaders’ Week begins with leaders and ministers set to discuss policies that could help economies overcome various challenges such as climate change, sustainable energy solutions, digital economy transition, and trade facilitation while promoting innovation and inclusiveness.

Under the theme, Empower. Include. Grow, priority areas of focus cover trade and investment for inclusive and interconnected growth, innovation and digitalisation to promote the transition to a formal and global economy and sustainable growth for resilient development.

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“As this year’s host, Peru has an invaluable opportunity to steer the dialogue towards issues that resonate with people in the region, focusing on sustainability, resilience and digital inclusion,” said Ambassador Carlos Vasquez, Chair of the 2024 APEC Senior Officials.

In a statement issued on Sunday, he said hosting APEC underscores Peru's commitment to strengthening multilateral partnerships and reinforces its role as a key player in setting the agenda for the Asia-Pacific.

“Our efforts to drive both trade and investment, alongside a growth-focused agenda in APEC, are building momentum.

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“APEC members understand that fostering new norms and economic policies can drive inclusiveness and establish impactful programmes that meet the everyday needs of our communities,” Vasquez noted.

APEC’s commitment to collaboration, along with the strategic focus on resilience and sustainable growth, sets the stage for meaningful outcomes that address the needs of the region’s three billion people.

“Our economies are a complex network with many interconnected parts, so we can’t focus on just one area while setting others aside.

“We need to ensure that every part is running smoothly and consider all the moving pieces together,” Tan Sri Dr Rebecca Sta Maria, executive director of the APEC Secretariat said.

Under the guidance of Peruvian President Dina Ercilia Boluarte Zegarra Boluarte, the week will conclude with the APEC Economic Leaders' Meeting on November 15-16, where directions for future collaboration among APEC member economies will be established.

According to the statement, indigenous peoples will also have a voice in the conversation, as ministers meet with their representatives on November 13 to explore inclusive growth and economic empowerment from their perspectives. 

On November 11-12, the APEC senior officials will meet to finalise initiatives aimed at boosting trade and growth, as well as shaping the framework for joint policy development and implementation.

The 2024 APEC CEO Summit, organised by the private sector, is an open dialogue between regional leaders and business heads.

It will take place on November 14 and 15, coinciding with the APEC Economic Leaders' Week.

Additionally, the APEC Small and Medium Enterprise Summit, scheduled for November 13, will address the unique opportunities and challenges facing this sector.

Hosting APEC for the third time after 2008 and 2016, Peru has been the venue for more than 270 working meetings throughout 2024 in Lima, Arequipa, Pucallpa, Trujillo, and Urubamba.

APEC is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.

It represents nearly 40 per cent of the world's population, almost half of global trade and over 60 per cent of the global economy.

Malaysia is among the 12 founding members of APEC. 

-- BERNAMA