The 2024 Asia-Pacific Economic Cooperation (APEC) Summit in Lima, Peru, served as a critical platform for addressing global economic challenges and fostering regional collaboration. With the theme “Empower, Include, Grow,” it focused on sustainable growth, innovation, and inclusivity, particularly in empowering marginalized communities and integrating digital and green technologies. This summit also marked one of President Joe Biden’s final appearances on the global stage, underscoring his administration’s commitment to multilateral diplomacy, climate action, and strengthening ties with Asia-Pacific nations. Biden’s engagement, including a significant dialogue with China’s Xi Jinping, highlighted his efforts to stabilize U.S.-China relations while championing global cooperation.
Backdrop of APEC and Peru’s Role
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to promote free trade and economic cooperation across the Asia-Pacific region. It comprises 21 member economies, including the United States, China, Japan, and Australia, collectively accounting for about 60% of global GDP and 48% of world trade.
APEC, comprising 21 economies that account for over half of the global GDP and trade, has long served as a collaborative platform to promote free trade, sustainability, and inclusive development. As host for the third time, Peru leveraged this opportunity to spotlight its leadership in integrating regional goals with grassroots development through initiatives like “APEC Ciudadano.” This innovative program aimed to engage civil society, emphasizing the tangible benefits of economic globalization in everyday live.
Summit Objectives and Core Discussions
APEC 2024 sought to advance economic resilience amid challenges like inflation, trade disruptions, and climate change. The discussions centered on four primary themes:
Strengthening Trade and Economic Integration : The summit reinforced commitments to reducing barriers to trade and integrating regional economies under frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These efforts aimed to counterbalance protectionist trends and ensure smoother supply chain connectivity, critical to the Asia-Pacific’s economic dynamism.
Innovation and Climate Sustainability : Addressing the dual challenges of economic growth and climate resilience, leaders championed clean energy transitions, digital transformation, and the integration of sustainable practices into industrial sectors. A major focus was on providing small and medium enterprises (SMEs) access to digital tools, ensuring their global competitiveness.
Promoting Social Equity and Inclusion : Inclusive growth took center stage, with an emphasis on integrating women, youth, indigenous populations, and informal economic actors into formal systems. This alignment with United Nations Sustainable Development Goals underscored APEC’s commitment to creating opportunities for marginalized communities.
Health Resilience and Food Security : Amid climate-induced disruptions and lingering pandemic vulnerabilities, food security and health resilience were pivotal. Collaborative frameworks for disaster preparedness and regional health initiatives aimed to strengthen supply chain reliability and prevent future crises.
Biden’s Strategic Engagement
For President Joe Biden, this is one of his final summit, APEC 2024 symbolized an opportunity to reinforce his administration’s foreign policy achievements while shaping the U.S.’s enduring role in the Asia-Pacific. His participation was characterized by proactive engagement across key policy areas
Reaffirming U.S. Global Leadership : Biden’s speeches highlighted the U.S.’s unwavering commitment to a rules-based order. By advocating for multilateralism and transparent trade policies, he positioned the U.S. as a stabilizing force in an era of global economic uncertainty. His emphasis on collaborative leadership aimed to counter narratives of great-power competition while fostering trust among APEC economies.
Climate and Innovation Initiatives : Biden prioritized climate action, announcing substantial funding for clean energy projects across developing economies within the Asia-Pacific. He emphasized the U.S.’s leadership in renewable energy technologies, pledging partnerships to assist member states in achieving their carbon neutrality goals by 2050.
The Biden-Xi Dialogue : One of the summit’s most anticipated moments was Biden’s sideline meeting with Chinese President Xi Jinping. This meeting marked a rare thaw in strained U.S.-China relations. Discussions ranged from trade and regional security to global challenges such as climate change. While differences persisted, both leaders reaffirmed the importance of stable bilateral ties in shaping the Asia-Pacific’s future.
Support for Peru’s Development : During his bilateral meeting with Peruvian President Dina Boluarte, Biden announced a $65 million U.S. aid package to combat drug trafficking and bolster socio-economic development in Peru. This commitment highlighted the U.S.’s investment in regional stability and its recognition of Peru’s leadership within APEC.
Russia Ukraine War : President Joe Biden underscored the U.S.’s support for Ukraine and reiterated the importance of maintaining sanctions against Russia. He emphasized that the war’s economic impact was felt worldwide, not just in Europe, and stressed the need for global unity to address these challenges. Biden’s remarks reflected a broader theme at the summit, where leaders discussed the need to protect international norms and prevent economic coercion, often linked to the ongoing war in Ukraine.
Innovative Dimensions of APEC 2024
A unique aspect of APEC 2024 was Peru’s “APEC Ciudadano” initiative, aimed at bridging high-level policy discussions with grassroots impacts. This program encompassed cultural, academic, and sporting events designed to connect citizens with APEC’s goals. From workshops with SMEs to dialogues on technological adaptation, the initiative provided a tangible demonstration of how multilateral frameworks can address local challenges.
Additionally, the summit featured sessions on advancing digital equity, with member economies committing to expand broadband access and enhance cybersecurity frameworks, especially for vulnerable sectors.
Challenges and Criticisms
While the summit showcased collaborative achievements, it was not without challenges. Some member economies expressed concerns over the slow pace of tangible outcomes in trade negotiations. Additionally, tensions between major powers, including U.S.-China disputes, cast a shadow over discussions, despite the apparent efforts at reconciliation.
Critics also highlighted the need for greater accountability in implementing climate and equity-focused commitments. As the Asia-Pacific region grapples with widening income gaps and escalating environmental challenges, APEC’s ability to translate pledges into actionable policies remains a critical test.
The APEC 2024 Summit in Peru reinforced the forum’s role as a vital platform for fostering economic collaboration and addressing shared global challenges. It emphasized the need for sustainable development, innovation, and inclusivity in driving growth, while advancing critical conversations around climate action and digital transformation.
