Peru’s Trade Ministry: We will focus on developing bilateral agendas at APEC meeting

Peru’s Trade Ministry: We will focus on developing bilateral agendas at APEC meeting

LIMA, May 24 (NNN-ANDINA) — Foreign Trade-Tourism Minister Juan Carlos Mathews on Tuesday affirmed that Peruvian participation in the Asia-Pacific Economic Cooperation’s (APEC) next Ministers Responsible for Trade Meeting will focus essentially on the development of bilateral agendas to redouble cooperation efforts with the bloc’s member economies.

“We will seek to strengthen our bilateral relations with each one of the APEC economies with the aim of boosting cooperation efforts to facilitate trade in general, develop e-commerce in every digital aspect, among other aspects,” he told Andina news agency.

Minister Mathews indicated that there are two development fronts, which are issues of concern for his portfolio.

“The first one has to do with international trade negotiations and the second topic is related to the competitiveness of our (Peruvian) companies,“ he specified.

Concerning the first front, Peru relies on 22 free trade agreements (FTAs), which represent 85 countries, as well as account for more than 92% of exports and 90% of imports.

“On that side, we have (made) very significant progress,” he noted.

In this regard, the Cabinet member said efforts will be undertaken to streamline negotiations with those markets with which there are still no similar agreements signed.

“One of them is Indonesia, which will have a very important presence at APEC, and we will have a rapprochement with that thriving economy, with which we have quite limited trade and with which, supported by an FTA, we could have a greater growth opportunity,” Mathews commented.

The Mincetur head affirmed that Peru is able to substantially enhance its export activities on these two fronts.

“Let’s remember that the Peruvian economy has four main engines: public investment, private investment, exports, and domestic consumption. If we look at the performance of each of these four variables, the one that has had the best result has been exports, since we registered sustained growth and an important participation by micro and small enterprises in the sector,” he expressed.

The Cabinet member revealed that approximately 70% of the 9,100 exporting companies in Peru are MSEs.

In this sense, he indicated that spaces such as APEC are essential for inserting these productive units into global value chains, boosting the digitalization of their procedures, and how they are involved in electronic procedures.
“That is the challenge we face,” he said.

The APEC Ministers Responsible for Trade Meeting will take place in the U.S. city of Detroit, Michigan, on May 25 and 26.

The meeting’s objective is for member economies to discuss issues related to the Multilateral Trade System, focused on promoting sustainable and inclusive trade, as well as prioritizing trade and investment issues to boost the Asia-Pacific region.

It should be noted that Peru will be part of the APEC Summit in 2024 to be held in Cusco, where it will seek to promote matters related to economic and social development, as well as inclusion through trade and tourism.

— NNN-ANDINA

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