APEC Embarks on New Regional Growth Push in Lima

The 21 APEC member economies are stepping up action to promote growth that improves social mobility and living standards for people on both sides of the Pacific, the focus of collaboration in the region during Peru’s year as APEC chair in 2016 which is now underway.

Officials from APEC economies are convening in Lima over the next two weeks to develop new, cross-cutting policies for ensuring “Quality Growth and Human Development” under 40 technical working groups. The proceedings will culminate with the First APEC Senior Officials’ Meeting, also known as SOM1, on 3-4 March to decide the next steps.

“We are experiencing challenges in the global economy, which affects growth in the region and how APEC approaches its agenda,” said Ambassador Luis Quesada, Chair of the 2016 APEC Senior Officials’ Meeting.

“APEC’s challenge is to take policies for building trade and sustainable, resilient economies across the Asia-Pacific to the next level,” he explained. “Our agenda is focused on positioning the region’s 3 billion people to take advantage of new economic opportunities stemming from the delivery of higher quality growth.”

Collectively, APEC economies account for about half of global trade, 60 per cent of total GDP and much of the world’s growth. Officials will press ahead with measures for advancing regional economic integration and quality growth; enhancing the regional food market; modernizing micro, small and medium enterprises; and developing human capital.

“Growth in the Asia-Pacific may not be as rapid or robust as it was in the past and uncertainty remains a concern but economies in the region are nonetheless still growing,” said Dr Alan Bollard, Executive Director of the APEC Secretariat.

“Prosperity around the Pacific continues to get a boost from increased open integration among APEC economies and is creating an opening for them to constructively address the complex structural and sustainability issues they now face,” he noted. “Measured growth that promotes trade and economic progress while strengthening environmental protection, public health and safety is APEC’s underlying goal—one that is today both attainable and socially desirable.”

Initiatives to be taken forward in Lima include APEC’s collective strategic study on issues related to the realization of the Free Trade Area of the Asia-Pacific (FTAAP), environmental services development, regulatory reform for improving the ease of doing business, and policies to make it easier, cheaper and faster for people and goods to move throughout the region.

Boosting electronic commerce, small business participation in trade, and defense against corruption, increasing disaster risk due to climate change and emerging health threats like the Zika virus will be among other points of emphasis.

Officials will also consider recommendations to come out of the first APEC Business Advisory Council meeting in 2016 in San Francisco, United States on 24-28 February. 

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For more: 

See a video introduction to APEC 2016 Chair, Peru, at this link. 

For further details, please contact: 

David Hendrickson +65 9137 3886 at [email protected]

Michael Chapnick +65 9647 4847 at [email protected] 

More on APEC meetings, events, projects and publications can be found on www.apec.org. You can also follow APEC on Twitter and join us on Facebook and LinkedIn.