The 2024 APEC Summit in Lima, Peru, highlighted global economic priorities with the theme "Empower. Include. Grow." Marking President Biden’s final international appearance, it addressed trade, AI ethics, and climate goals while shaping U.S.-China relations and multilateral cooperation.
New Delhi: The 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting held in Lima, Peru, on November 15–16, 2024, was a milestone in global diplomacy and economic policymaking. Hosted by Peruvian President Dina Boluarte, the summit carried the theme “Empower. Include. Grow.”, highlighting the importance of sustainable growth, inclusivity, and economic empowerment in the Asia-Pacific region. The meeting saw the convergence of 21 member economies representing 60% of the global GDP and 50% of international trade.
This year’s summit was historic, marking U.S. President Joe Biden’s last international appearance as president, as his term concludes on January 19, 2025. It also occurred amid heightened global attention, with Donald Trump’s re-election set to reshape U.S. foreign policy. As such, the Lima summit became a defining moment for reflecting on Biden’s leadership, analyzing transitions in U.S.-China relations, and envisioning the future of multilateral cooperation.
APEC 2024: Key Objectives and Outcomes
The Machu Picchu Declaration
One of the most significant outcomes of the summit was the adoption of the Machu Picchu Declaration, which serves as a comprehensive roadmap for economic collaboration. This declaration focuses on:
- Trade and investment liberalization to stimulate regional economic growth.
- Supply chain resilience, particularly post-COVID-19 and amidst geopolitical tensions.
- Anti-corruption measures to improve transparency in international dealings.
- Sustainable economic practices, emphasizing climate-friendly technologies and equitable development.
By setting these goals, the declaration emphasizes APEC’s role in ensuring member economies remain adaptable and resilient against global economic uncertainties.
Who Attended? Major Participants and Contributions
The summit brought together leaders of the world’s most influential economies:
- Joe Biden (United States): Marking his final international engagement, Biden prioritized dialogues on peace, trade liberalization, and ethical artificial intelligence development.
- Xi Jinping (China): Advocated for mutual respect in U.S.-China relations, emphasizing collaboration on economic stability.
- Yoon Suk-yeol (South Korea): Focused on technological innovation and digital trade.
- Ishiba Shigeru (Japan): Supported advancements in green technology and cybersecurity.
- Justin Trudeau (Canada): Promoted inclusivity and gender equality in trade.
The discussions touched upon critical topics like digital transformation, artificial intelligence regulation, and geopolitical stability, ensuring all member economies’ interests were represented.
Biden’s Farewell: A Legacy of Diplomacy and Economic Leadership
The APEC 2024 summit was a reflective moment for President Joe Biden, who used the platform to reinforce the United States’ commitment to Asia-Pacific partnerships. Under Biden’s administration, there was a consistent push toward multilateralism, emphasizing peace, stability, and democratic values.
Biden’s Bilateral Meeting with Xi Jinping
In a highly anticipated interaction, Biden met with Chinese President Xi Jinping to address escalating tensions, particularly regarding Taiwan and trade practices.
- Biden reaffirmed the “One China” policy, advocating for peace and stability in the Taiwan Strait.
- Both leaders agreed on the importance of ethical AI development, particularly in military applications, signaling a shared interest in preventing misuse of emerging technologies.
In his farewell remarks, Biden expressed optimism about the future of U.S.-China relations and emphasized the necessity of continuous dialogue to mitigate conflicts.
Xi Jinping’s Calculated Diplomacy
President Xi Jinping utilized the summit to position China as a stabilizing force amid global uncertainties. His calls for “mutual respect” were seen as an appeal to the incoming U.S. administration led by Donald Trump. Xi stressed the need for pragmatic cooperation to overcome global challenges like inflation, supply chain disruptions, and climate change.
An Olive Branch to Trump?
While Xi refrained from directly addressing Trump, his remarks seemed tailored to preemptively address the expected policy shifts under Trump’s administration, particularly on trade tariffs and economic competition.
China also reiterated its commitment to regional partnerships like the Regional Comprehensive Economic Partnership (RCEP) to deepen economic integration.
APEC: An Overview of Its Impact and Vision
What is APEC?
Established in 1989, the Asia-Pacific Economic Cooperation (APEC) is a regional economic forum designed to foster trade, investment, and economic integration among Pacific Rim economies. With a headquarters in Singapore, APEC is a unique platform emphasizing voluntary and consensus-based collaboration.
Members and Global Influence
APEC’s 21 members include economic powerhouses like:
- The United States
- China
- Japan
- Australia
- South Korea
- Canada
Together, APEC members account for:
- 40% of the global population
- 60% of the global GDP
- 50% of international trade
Though India is not a member, APEC’s policies significantly influence global trade and economic trends, often setting the stage for international standards.
Challenges and Controversies
Protests Against Globalization
The summit also faced backlash from civil society groups. Demonstrators outside the venue raised concerns about:
- Growing economic inequalities, exacerbated by globalization.
- Environmental degradation, linked to unchecked industrial growth.
- Calls for greater accountability in APEC’s decision-making processes.
U.S.-China Rivalry
While Biden and Xi emphasized cooperation, the underlying tensions over trade tariffs, Taiwan, and technology theft remained unresolved. The future trajectory of U.S.-China relations, especially under Trump, is expected to dominate discussions at upcoming summits.
APEC’s Future: Looking Ahead
Host Countries for Upcoming Summits
The Lima summit sets the stage for a series of critical discussions in the coming years:
- 2025: South Korea will host the summit, likely emphasizing digital trade and technological advancements.
- 2026: China will host, presenting an opportunity for Beijing to further assert its leadership in regional economic integration.
- 2027: Vietnam will host, focusing on sustainable development in emerging economies.
Focus Areas for Future Summits
- Accelerating green energy adoption to combat climate change.
- Improving supply chain resilience amidst geopolitical tensions.
- Expanding digital trade frameworks to harness technological innovations.
Notable Achievements of the Lima Summit
The 2024 summit highlighted the adaptability and relevance of APEC in addressing contemporary challenges. Key takeaways include:
- Renewed commitments to inclusive trade policies that benefit small and medium enterprises (SMEs).
- Enhanced dialogues on artificial intelligence, ensuring ethical development and application.
- Agreements on climate-friendly technologies, promoting green growth and carbon neutrality.
FAQs
1. What is APEC, and why is it significant?
APEC (Asia-Pacific Economic Cooperation) is a regional forum comprising 21 member economies that promotes trade liberalization, economic integration, and sustainable development. It represents 60% of global GDP and 50% of international trade.
2. What was the theme of the 2024 APEC Summit?
The theme of the 2024 APEC Summit was “Empower. Include. Grow.”, emphasizing inclusivity, empowerment, and sustainable economic growth.
3. What is the Machu Picchu Declaration?
The Machu Picchu Declaration is a collaborative roadmap focusing on trade liberalization, supply chain resilience, anti-corruption measures, and climate-friendly economic practices.
4. What marked Biden’s final appearance at APEC?
Biden’s farewell included a call for peace, ethical AI development, and strengthened U.S.-China relations, underlining his administration’s commitment to multilateralism.
5. Which countries will host upcoming APEC summits?
South Korea will host the 2025 summit, China in 2026, and Vietnam in 2027, each focusing on specific economic priorities.
