APEC 2024 Summit: tensions and protests make it difficult to reach significant agreements
The APEC 2024 summit (Asia-Pacific Economic Cooperation) is a multilateral forum created in 1989, which brings together 21 countries around the Pacific Ocean, dealing with issues related to trade, economic coordination and cooperation. We tell you about the topics to be discussed at the forum.
Colombia does not belong to this forum, although it has been trying to join since 1995, but since 1998 the forum has not received new members. The Colombian government has not shown much interest in the summit and the Pacific coast is plagued by violence, drug trafficking and poverty, its role in the Pacific basin is practically nil.
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The themes of the APEC 2024 summit in Lima
This forum brings together 21 Pacific Rim economies representing one third of the world’s population, 54% of global GDP and 44% of world trade. Between November 10 and 16, the APEC 2024 summit will be held in Lima, Peru.
APEC is not an organization but a forum for dialogue that began in 1989 at the initiative of Australia and Japan. As the axis of the world economy has shifted from the Atlantic to the Pacific, the APEC forum has gained importance.
The themes of the APEC 2024 summit in Lima are the promotion of digitalization, sustainability of development and Peru, as host, has also proposed to emphasize the problem of formalization of the economy.
However, it is important to keep in mind that APEC conclusions are not binding and their implementation depends on each government.
Past summits have adopted policies to promote the development of low-emission hydrogen, principles to reduce food loss and waste, goals for the economic empowerment of people with disabilities and proposals for a fair and sustainable energy transition. In addition, previous forums have succeeded in strengthening sustainable finance in the economies of participating countries.
What is expected from the APEC 2024 summit?
The attendance of Chinese President Xi Jinping will be used to inaugurate the port of Chancay, the largest port in Latin America, extensively computerized and with cranes that can move 50 containers per minute, and which shortens the transport time between Peru and China from 40 to 19 days. With these facilities, the aim is to move goods from Buenaventura to Chancay to be irrigated around the world at cheaper costs, displacing the Colombian port of Buenaventura, which does not have the same magnitude or facilities.
This inauguration of the port of Chancay goes beyond the APEC summit in Lima, as Peru has a free trade agreement with the People’s Republic of China and this poses a Chinese challenge to US influence in the region.
Peru has 14 treaties with APEC countries and will sign one with Hong Kong during the summit. Peru’s small and medium-sized entrepreneurs complain of unfair competition from Chinese producers.
Joe Biden will attend the APEC 2024 summit in Lima and will arrive with 600 military personnel whose entry was approved by the Peruvian Congress.
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Mobilizations in Peru against a weak and questioned government
The forum will be held in the midst of a heated atmosphere in Peru because on October 23 there was a strike of the transport unions, motorcycle cabs and several markets and shopping centers. The University of San Marcos, mining unions and various political organizations also participated.
The demands of the participants in the October mobilizations focused on the repeal of laws that favor organized crime and the shelving of the bill that speaks of urban terrorism to criminalize social protest. The government described the strike as political.
In October there were mobilizations in Trujillo against insecurity, in Arequipa against the beginning of the mining project Tia Maria and in the city of Jaen and in Lima the transportation was paralyzed and the demonstrators demanded the repeal of law 32108 better known as the “Pro organized crime law”, besides demanding the resignation of the Minister of Interior Juan Jose Santibanez, the improvement of the security of: Commerce, universities, schools, homes and other establishments, and the increase of police presence throughout the country, as well as severe prison sentences for extortionists and kidnappers.
Against this background, the transport unions held a strike on November 13 in Lima and different unions and syndicates organized a strike that will last until November 15, mainly against insecurity, hired killings and extortion.
The marches are not against the APEC 2024 summit in Lima, but they are aimed against President Dina Boluarte and the Congress and the demands before the summit are limited to demand the respect of human rights and the environment.
Peru with its insertion in the Pacific basin has deepened its foreign trade with exports based on raw materials, mainly minerals and fruits.
Given the intensity of the social mobilizations and the presence of relevant actors that are in confrontation in the international arena such as the United States, Russia and China, the APEC summit in Lima will hardly reach significant agreements.
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