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

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.

However, the problems of regional military conflicts (Ukraine, Gaza) were not included in the final Declaration due to the opposition of autocracies, which emphasized that the wars supported by China "do not affect the economy of the region."