The 2024 APEC (Asia-Pacific Economic Cooperation) Leaders’ Summit, hosted by Peru in Lima, where I go to law school, concluded last Saturday, November 16. It made progress on economic cooperation but revealed tensions over trade policies, environmental concerns, and the influence of China. The summit resulted in agreements on trade, agriculture, and market access for Peruvian products, but challenges remained in balancing economic growth with environmental sustainability.

Peru achieved agreements to expand access to international markets for agricultural exports and integrate environmental standards into trade agreements such as the inauguration of the Chancay Mega Port  north of Lima, the optimization of Peru’s standing trade agreement with China and the signing of a Free Trade Agreement (FTA) with Hong Kong. However, disagreements emerged over how to balance trade liberalization with climate action. While trade expansion was the focus, discussions on green trade mechanisms highlighted deep divides between developed and developing economies generally.

Peru’s role as host was vital due to its position at the crossroads of economic development and environmental protection. The country benefitted from agreements that improved market access for its agricultural exports, especially in key Asia-Pacific markets. Peru used APEC as a platform to promote sustainable practices in trade, aiming to reconcile economic growth with environmental safeguards.

On the global stage, Peru is navigating a broader geopolitical struggle. China’s influence in Latin America is growing, with trade agreements and infrastructure projects raising concerns about over-dependence. Peru emphasized the importance of diversifying trade partners while ensuring that economic growth does not harm the environment, especially in the Amazon, where deforestation is a growing problem.

From a legal perspective, the APEC 2024 summit represents a crucial moment for international trade law. The agreements on agricultural exports and market access are significant for Peru’s economy. However, the lack of binding climate commitments remains a critical issue.

A central topic at the meeting was the idea of a green trade framework, which would incorporate environmental standards into trade agreements. While developed nations like the United States and Japan supported this idea, China opposed it, fearing restrictions on its trade and industrial growth. This division shows the difficulty in reconciling economic growth with the need for climate action.

APEC’s challenge is to create legal frameworks that balance both economic integration and environmental accountability. Peru’s push to protect the Amazon and promote sustainable practices  while expanding trade demonstrates the complexity of this issue. Sustainable trade is not an easy task, but it is necessary for long-term global stability.

Peru’s leadership at the summit is commendable. However, the China-funded Chancay Mega Port project illustrates the ongoing tensions between economic development and environmental preservation. While the port promises significant economic benefits, concerns about its environmental impact, particularly on the local ecosystem, are growing.

APEC 2024 had the potential to be a turning point in integrating environmental sustainability into trade policy. While the agreements were important, they fell short of what is needed to tackle the climate crisis. If APEC members do not commit to binding climate actions, the region risks failing to lead in the fight against global warming.

For Peru, the challenge is clear: advance sustainable growth without compromising environmental health. The summit showed that while there is momentum toward trade cooperation, climate action must be central to that vision. The frameworks discussed at APEC were a step in the right direction, but they need to evolve into enforceable agreements that drive real change.

If APEC nations do not align their trade policies with environmental sustainability, the region risks falling behind in the global fight against climate change. The world will be watching closely to see if APEC can deliver on its promises of a green future.