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APEC Summit 2016 in Peru

"Having prosperous international trade is essential for the whole world"

Last weekend, the APEC Summit 2016 was held in Lima, Peru, with President Pedro Pablo Kuczynski as the host. The event was attended by a total of 21 heads of state, with representatives of many world powers, like Barack Obama and Vladimir Putin. The presence of the Vietnamese leader Tran Dai Quang and of Rodrigo Duterte, president of the Philippines, was also noteworthy.

For his part, Obama affirmed that "trade must be carried out properly, with firm standards and ensuring the protection of the workers. This is the answer to the challenges of a globalised economy, and not putting obstacles to trade. Also, regarding the TPP, which has been a point of discussion by president elect Donald Trump, he reiterated that "the United States has a commitment to this pact and that to break it would be harmful to his country" and assured that he will not be silent if he believes Trump's manoeuvers become a threat to "his country's values."

During the APEC Forum, the 21 heads of state gathered in Lima put emphasis on the common interest of integrating their economies and, just like Obama, they claimed to be against the trade protectionism advocated by Trump. They also stressed their interest in the agricultural and infrastructure sectors, which were considered to have a great growth potential. It was stressed that the Peruvian agricultural sector is growing at an average of 22% annually and Peruvian agroexports consist mainly of fruits and vegetables, which are in great demand in the world. "A decade ago, Peru exported 600 million dollars' worth of agricultural products, and now this figure has exceeded 5,000 million dollars a year," highlighted Alfonso Bustamante, president of APEC.

Lastly, the Peruvian president closed the event stating that "it has been a productive meeting at a key moment and they have had a chance to discuss the topic of the TPP," emphasising that "having prosperous international trade is fundamental for the whole world."

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