Peru was officially declared Sunday host of the 2008 summit of the Asia Pacific Economic Cooperation Forum (APEC) forum.

The announcement was made on the last day of this year’s APEC meeting which gathered leaders from 21 Pacific rim economies in Sydney, Australia.

Peru assumes the role of the APEC presidency at a time when its economy is experiencing significant growth, reaching 8 percent last year with forecasts saying it is on target for similar momentum in coming years, said the Peruvian president, Alan Garcia.

The growth has been possible due to “Peruvian policies that are in line with APEC ideas on facilitating trade, promoting investment and international collaboration,” he said.

During the APEC meeting in Sydney, Garcia signed a mining cooperation agreement with Australian Prime Minister John Howard.