Peru the “economic miracle” of Latin America


Ambassador and high representative of the USA in APEC Michael Michalak called Peru the “economic miracle” of
Latin America, due to its sustainable growth in the field of exports.
In a press conference yesterday at the Ministry of Exterior Relations in Lima, he said that “in the last five years, Peru has experienced a tremendous growth based on exports, a success that is progressively being transferred to domestic consumption.”

In this sense, Michalak believes that APEC, which will take Peru on as a member in 2008, will be “an excellent showcase for the world to see the record-breaking economic successes of Peru.” Peru will be just the third Latin American country to join APEC, after Mexico in 2002 and Chile in 2004.

The US representative stressed that Peru “is working on many economic reforms, simplification of taxation, labor reforms, capital markets; and the same with social programs, which are a good way to redistribute all the richness gained through economic growth.”

The Efe agency commented that New York investment banks believe Peru to have the greatest economic growth in the region with 7%, followed by Panama and Venezuela (6.9%).Michalak further stated that the APEC of 2008 “will be a good opportunity for Peru to show the other economies in the forum its best practices in terms of state reform.”

On the other hand, he said that in the next APEC forum (in Sydney in September), the 10-year moratorium to ease entry for new members may be lifted. He added that this will occur only if a majority of APEC leaders support their entry.

Colombia and Ecuador, which also have Pacific coasts, have expressed an interest in joining APEC, which currently consists of Australia, Brunei, Canada, Chile, China, South Korea, the USA, the Philippines, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Russia, Singapore, Thailand, Taiwan and Vietnam.

Michalak also expressed his support for the Free Trade Agreement between Peru and the USA, which is soon to come before Congress in the US. He said that Peru has “nearly” reached the level of investment that will encourage foreign investors.

5 Responses

  1. Dear Editor,

    Most interesting note on Peru and APEC. Just one very brief comment: Peru joined APEC, together with Viet Nam and Russia, in 1998.



  2. Absolutely. All I can say is that this is a fair translation of a rather ill-informed source article from Peru.21, which has since been altered. Peru will preside over or host APEC in 2008, as Chile did in 2004 and Mexico in 2002

  3. Good article. however it seems strange that India is left out of APEC when India has tremendous success story and has set a revolution in the globalization with its IT Telecom and related sector

  4. India is left out of APEC because is not in the Pacific

  5. Yes, Peru is a full member of APEC since 1998, and will host the APEC forums this year. Thank you for noting that minor error. We Peruvians are proud of our economic achievments, however; we still feel that there’s much more to do in order to reach the levels of development we all desire.
    Hopefully, we’ll continue making the correct decisions and work hard to become the nation we deserve to be.

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