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APEC summit in Lima: creation of the JAROKUS Secretariat, tactical negotiations with Xi Jinping, and the final loss of global economic consensus

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From November 15 to 16, 2024, Lima hosted the annual APEC (Asia-Pacific Economic Cooperation) Leadership Meeting, the final one for Joe Biden’s presidency.

As a result, the bloc’s member states adopted the APEC 2024 Leaders’ Machu Picchu Declaration, which called for reform of the World Trade Organization.

Apart from declaring the importance of value-based trade principles and promoting approaches to the high-tech economy, the APEC summit in Lima ended without any significant achievements.

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