Outgoing US President Joe Biden and his Chinese counterpart Xi Jinping arrived in Peru on Thursday (November 14) for an Asia-Pacific summit where they will probably meet for the last time. APEC, established in 1989 with the aim of liberalizing regional trade, brings together 21 economies that together account for about 60 percent of global GDP and more than 40 percent of global trade. The summit agenda is expected to focus on trade and investment for what its supporters call inclusive growth.