APEC Peru 2008: Main issues for Leaders Meeting

By David Azócar

Lima, capital of Peru, will host the XVI APEC Leaders Week during November 17-23, 2008.   The meeting will address the global credit crisis and the challenges facing in the group of economies which represent 51% of international trade.

The leaders of the 21 APEC member economies are expected to focus on the current international financial crisis and how member economies should respond to same.

“The upcoming Leaders Meeting will definitely address the international financial crisis. None of the 21 economies fail to see the difficulties caused by the worldwide lack of credit. Another central issue will be how to address international organized crime,” states Veronica Barrios, Coordinator for International Relations and Defense Issues, here at the Library of Congress. Barrios is also a regular contributor to this Portal.

Jose Diaz, professor of Economics at Universidad Católica, also believes that the central theme of the meeting will be the economic crisis. “There are at least two issues that leaders cannot escape. First of all, how will the crisis impact (APEC) economies, and (secondly), how will leaders react vis-à-vis same."

But the financial crisis is not the only issue that will be debated. There are also issues involving integration and cooperation, according to Luis Riveros, director of the Asian Latin American Center (Universidad de Chile). "Leaders will be discussing bilateral cooperation and technological exchange between the economies and will definitely address how (the Members) might develop incentives for progress on these issues. The (APEC) region should focus on this issue. Although the changes are long-term, this is an area where Chile could see its greatest gains.”

Barrios’ take on cooperation closely resembles that of Riveros. Both are of the opinion that this issue will be unavoidable at the Leaders Meeting. However, Barrios diverges from the other expert whereas he feels the Forum for East Asian-Latin American Cooperation (FEALAC) pact is key to advancing APEC’s agenda. “The issue of integration is very important and (APEC) will seek to co-opt emerging economies such as those that make up today FEALAC. Another absent actor is Brazil. This meeting should contemplate how to incorporate it into their policies.”

To view the official website of APEC Peru 2008 and a schedule of event activities, please click here.