APEC Senior Officials Reaffirm Commitment To Resilient, Inclusive Economic Growth

Issued by the APEC Concluding Senior Officials' Meeting
Lima, Peru, 11 November 2024

“Consensus, as we all recognize, is APEC’s most vital tool and a testimony to our shared responsibility,” said the 2024 Chair of APEC Senior Officials Ambassador Carlos Vasquez as he welcomed senior officials from the 21 APEC economies to Lima on Monday.

“It is what enables this forum to serve our economies effectively, addressing both today’s priorities and those goals envisioned at APEC’s founding 35 years ago,” he continued. “Today, we find the APEC Putrajaya Vision 2040 and the Aotearoa Plan of Action guiding us towards a dynamic and inclusive Asia-Pacific community.”

The Concluding Senior Officials’ Meeting serves as the precursor to the APEC Economic Leaders’ Week, uniting representatives from the Asia-Pacific to advance APEC’s 2024 priorities, namely trade and investment for inclusive growth, digital innovation, and sustainable and resilient development.

As economies face intersecting global challenges – from climate change and economic inequality to digital transformation – APEC Peru 2024 underscores the importance of collaborative solutions to create a future that is both prosperous and resilient.

“From our meeting last December in Lima to the first ministerial meeting in Arequipa, where we achieved early consensus on key deliverables, we have moved together with purpose, bound by our commitment to APEC’s core values,” said Ambassador Vasquez, noting the high number of results achieved so far this year.

This week’s meetings aim to provide greater policy direction for APEC members to deliver an environment that facilitates trade and harnesses regional economic integration and technologically driven growth, sparks business innovation and employment, and brings a better quality of life to people across the Asia-Pacific.

Reflecting on the progress, he described the fruits of sustained, collaborative efforts across each priority area.

“We have witnessed the adoption of landmark initiatives, from the Arequipa Goals to the Sustainable Finance Initiative, as well as key deliverables in preventing and reducing food loss and waste, the development of clean and low carbon hydrogen and the empowerment of the most vulnerable communities in our economies,” he added.

Discussions kicked off with members recognizing the transformative potential of trade and investment in creating a more inclusive trading environment. With an increasing focus on digitalization, members also highlighted the importance of promoting digital inclusion and supporting economies transitioning to formal markets through technology.

Ambassador Vasquez emphasized the significance of these efforts, saying, “Together, we’ve tackled complex challenges in ways that strengthen the resilience of APEC, positioning us to meet the evolving needs of our economies.”

Sustainable growth remains central to APEC’s agenda. In support of resilient economic development, members reviewed the outcomes, as well as initiatives aimed at reducing food loss, promoting low-carbon energy solutions, and bolstering financial inclusion.

With discussions set to conclude on a collaborative note, members reaffirm their commitment to a robust and interconnected Asia-Pacific community.

“In the homestretch of APEC Peru 2024 and as we approach what will be the most intensive days of this year’s agenda, I hope our discussions this week will continue in the spirit of constructive engagement and shared purpose,” Ambassador Vasquez remarked.

“Let us reaffirm our commitment to this forum, which not only empowers and includes but also helps build a stronger, more interconnected Asia-Pacific for future generations,” he closed.

The 11-12 November proceedings of senior officials will be followed by the APEC Ministerial Meeting on 14 November, where deliberations and outcomes will form the foundation for the APEC Economic Leaders’ Meeting on 15-16 November.

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