PM Luxon Heads to Peru for APEC Summit to Address Global Economic Challenges

Luxon, joined by Ministers Peters and McClay, will advocate for New Zealand’s economic priorities and meet with world leaders on critical trade issues.

Prime Minister Christopher Luxon departs for Peru this week to attend the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting, scheduled for November 15-16. Joined by Minister of Foreign Affairs Winston Peters and Minister for Trade Todd McClay, Luxon aims to address critical economic challenges and reinforce New Zealand’s trade partnerships in a region accounting for over 60 percent of global GDP.

Luxon emphasized the importance of the APEC Summit for advancing New Zealand’s economic priorities in a globally turbulent time. “APEC is a key moment in the regional calendar. It’s an opportunity to connect with counterparts who, like us, are grappling with cost-of-living challenges, economic productivity goals, and regional cooperation amidst complex global dynamics,” Luxon stated.

He added that APEC provides a unique platform to align on policies supporting free trade and open markets, which are vital to New Zealand’s economy, where one in four jobs is linked to trade. With more than three-quarters of New Zealand’s exports destined for APEC economies, maintaining and expanding trade ties in the Asia-Pacific region remains a critical objective. “Removing economic barriers in the Asia-Pacific is essential to our national interests and prosperity,” Luxon noted.

The Asia-Pacific region, home to 40 percent of the global population, represents a growing market for New Zealand exports, which totaled $74.2 billion in the year to June 2024. Key exports include dairy, meat, wine, and forestry products, all sectors that rely on APEC economies for continued growth. This year’s summit, themed around "Inclusive and Sustainable Growth in a Turbulent World," focuses on reducing trade barriers, enhancing sustainable development, and fostering innovation among APEC economies.

Beyond the main APEC events, Luxon will take part in bilateral meetings with leaders from major economies, such as the United States, China, Japan, and Canada. These high-level discussions aim to address specific trade issues, enhance cooperation on climate action, and explore opportunities for investment in clean technology and sustainable infrastructure.

Luxon also plans to emphasize New Zealand’s commitment to sustainable economic growth, using APEC as a forum to advocate for responsible resource management and low-carbon technologies. "In today’s world, economic growth must go hand in hand with sustainability. I look forward to discussions that not only support our export sectors but also foster policies that will help us meet our environmental goals," he said.

Minister Winston Peters and Trade Minister Todd McClay will join Luxon for the APEC Ministerial Meeting, held from November 13-14. The ministers aim to deepen New Zealand’s trade relations, address security and stability in the Asia-Pacific, and support measures for increased regional connectivity.

Luxon is expected to return to New Zealand on November 18, bringing insights from the summit to inform New Zealand’s economic policies and trade strategies going forward.