APEC’s economic leaders met in Lima on November 16, 2024, and signed off on what they titled the Machu Picchu Declaration. The year’s theme was “Empower. Include. Grow.” Work ran through five Peruvian cities: Lima, Arequipa, Urubamba, Trujillo and Pucallpa.
The leaders described a world changing fast, with trade and investment, climate, food security and energy security all in flux. They called multilateral cooperation “even more important” in that setting and restated their wish for the Asia-Pacific to stay the world’s most dynamic and interconnected region.
Ministerial work endorsed
The declaration welcomed consensus statements from sectoral ministerial meetings held during the year. Those covered women and the economy, women and trade, trade, tourism, energy, food security, health, small and medium enterprises, mining and finance. Three specific deliverables got a mention: guidance on developing hydrogen policy frameworks, the Trujillo Principles on preventing and reducing food loss and waste, and a Sustainable Finance Initiative from finance ministers.
Trade and supply chains
On trade, the leaders backed the rules-based multilateral system with the WTO at its centre and committed to WTO reform. They recalled a pledge made at the WTO’s MC13 conference to have a fully functioning dispute settlement system open to all members by 2024. They also supported the prompt entry into force of the WTO Agreement on Fisheries Subsidies.
They agreed to move ahead with Phase Three of the Supply Chain Connectivity Framework Action Plan. Plans include faster implementation of the WTO Trade Facilitation Agreement, better single-window systems and wider use of paperless trade documents such as the electronic bill of lading and electronic invoice. The leaders also endorsed the Ichma Statement, which takes a new look at the Free Trade Area of the Asia-Pacific agenda.
Women, informal workers and digital policy
The declaration noted the 2024 Women and the Economy Forum and the first joint meeting of ministers responsible for women and those responsible for trade. It recognised women’s role in STEM fields, creative industries, trade and entrepreneurship, and the contribution of Indigenous Peoples to inclusive growth.
Leaders endorsed the Lima Roadmap to Promote the Transition to the Formal and Global Economies (2025-2040), to be put into practice from 2025. They committed to the APEC Internet and Digital Economy Roadmap, including cooperation on data flows alongside privacy protection, and acknowledged the potential of artificial intelligence to drive innovation and growth.
A few dates look ahead. The Republic of Korea will host the 4th Structural Reform Ministerial Meeting in 2025, and the leaders welcomed progress on a structural reform agenda for 2026-2030. They also encouraged use of the APEC Business Travel Card, including its virtual version, and reaffirmed the APEC Food Security Roadmap Towards 2030.
