APEC Peru 2024: The challenges of the forum and its relevance in the reconfiguration of the international economic system in the 21st century
Keywords:
APEC, international economic system, challengesAbstract
For the third time, Peru led the Asia-Pacific Economic Cooperation (APEC) Forum in 2024. The agenda proposed by the host economy was positively received by the members of the forum, who considered it relevant and innovative, given the challenges facing the Asia-Pacific region. However, the current international context is very different from the one that prevailed when APEC was established in 1989. For some years now, the forum has been subject to multiple tensions due to the growing trade and technological rivalry between the United States and China. These tensions were further heightened by the Russian invasion of Ukraine in February 2022 and the conflict that erupted in Gaza in late 2023.
These have not been bearable times for APEC. Consensus in the forum broke down in 2022 and 2023. Many of the deliverables envisioned by the respective host economies (Thailand and the United States) did not meet the legitimacy of consensus and therefore did not constitute valid outcomes. The specter of its weakening loomed over APEC, after having been such a promising platform for economic cooperation for the interests of its members and for the growth of the region.
This article attempts to warn about the challenges that the Peruvian presidency had to face in 2024 amidst a scenario marked by uncertainty; the results obtained; and the relevance that APEC may still have in the reconfiguration of the international economic system of the 21st century
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Copyright (c) 2024 Carlos Vásquez Corrales
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