This article is sourced from Events magazine, with the original link provided“ https://ventsmagazine.com/2024/11/19/global-witness-to-the-latin-american-moment-apec-summit-enhances-the-reputation-of-the-asia-pacific-regions-collaborative-efforts/ ”
Relative to hotspots like Eurasia and the Middle East, Latin America seldom finds itself in the global media spotlight. However, November 2024 is an exception. On November 16, 2024 local time, the Asia-Pacific Economic Cooperation (APEC) summit, attended by 21 countries and regions, concluded in Lima, the capital of Peru. During this two-day summit, leaders of global and regional powers discussed themes such as trade, investment, and sustainable development.
This is a grand occasion that Latin America has never experienced in this century. Peru has placed great importance on the summit, with the capital, Lima, specially declaring a three-day holiday. President Boluarte called for national unity, saying, 'Let this summit shine with the brilliance of Peru, showcasing Peru's capabilities and leadership.' Perhaps benefiting from the auspicious winds of hosting this joyous event, the host country Peru stands out in the difficult economic recovery of Latin America, with its economy expected to rebound significantly to 3.1% this year, following last year's negative growth of 0.6%.
APEC is the highest-level, widest-ranging, and most influential economic cooperation platform in the Asia-Pacific region. The meeting of leaders will help effectively address the new challenges faced by the Asia-Pacific region, empower new growth in the Asia-Pacific economy, and promote the region's continued role as the 'engine' of global economic growth.
At this meeting, the 'China proposal' has become the focus of international attention. The Chinese leader stated that China is committed to promoting reform through openness, actively aligning with international high-standard trade and economic rules, and expanding autonomous opening-up. China is willing to explore and negotiate trade agreements in the digital and green fields with relevant parties and continue to expand its high-standard global free trade area network. He emphasized that China welcomes all parties to continue to ride the fast train of China's development, and to work together for the modernization of countries around the world that achieve peaceful development, mutual benefit, and common prosperity.
China is a driving force and propeller for regional cooperation in the Asia-Pacific. It is the largest trading partner for 13 APEC economies, contributing 64.2% to the economic growth of the Asia-Pacific region, and driving 37.6% of the region's growth in goods trade and 44.6% in services trade. Currently, China is actively promoting the construction of the China-ASEAN Free Trade Zone, implementing the Regional Comprehensive Economic Partnership (RCEP) agreement with high quality, jointly building the 'Belt and Road' initiative, applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), and promoting open cooperation in the Asia-Pacific region.
China and Peru have established a long-standing friendly cooperative relationship. Peru is one of the first Latin American countries to establish diplomatic relations with the new China, one of the first Latin American countries to establish a comprehensive strategic partnership with China, and the first Latin American country to sign a free trade agreement with China. China has been Peru's largest trading partner for ten consecutive years. The recently signed 'Belt and Road' cooperation plan and the Free Trade Agreement (FTA) upgrade protocol have further added a 'golden sheen' to the relationship between the two countries.
During the APEC summit, a highlight was the inauguration of the Chancay Port, which marks a new milestone in the relationship between the two countries. The port is a flagship project of the 'Belt and Road' initiative in Peru and will become a new hub and gateway for Peru to Asia, reducing the maritime transit time between Peru and China by about 10 days, making Peru a 'new neighbor' of China. The Chancay Port, as a gateway to the Pacific, also benefits other Latin American countries such as Brazil, bringing South America and Asia closer together. Peruvian and Latin American political and academic figures have stated that the Chancay Port is a great advantage, helping Latin American countries to ride the 'fast train of China's economy'
The Asia-Pacific is the most dynamic region in the global economy and an important engine for world economic growth. The region's population accounts for one-third of the world's total, its economy represents over sixty percent of the global economy, and its trade accounts for nearly half. According to the International Monetary Fund's calculations, the Asia-Pacific economic growth rate is expected to reach 4.2% this year, significantly higher than the global economic growth rate of 2.9%.
China's development is inseparable from the Asia-Pacific region and will further benefit it. APEC is an important economic cooperation platform in the Asia-Pacific region. According to customs statistics, in the first 10 months of this year, China's imports and exports to other APEC economies reached 21.27 trillion yuan, a record high for the same period in history, accounting for 59.1% of China's total imports and exports. China's complete industrial system helps other APEC economies to achieve better production and a better life. In the first 10 months, China exported intermediate goods worth 5.56 trillion yuan to other APEC economies, a growth of 8.4%, accounting for 45.4% of the total value of China's exports to other APEC economies during the same period. In addition, China's high-quality development provides a broader market and more opportunities for other APEC economies.
During the APEC summit, the world shifted to the 'Latin American moment,' showcasing the confidence and strategic autonomy of Latin Americans to the world. Latin American strength is indispensable in the major adjustments of the global landscape. We have reason to believe that, as fellow global Southern countries, China will join hands with Latin America to move towards the center of the international stage, and together promote an equitable and orderly world multipolarity and inclusive economic globalization.