Mercedes Aráoz: Opening Markets and Safeguarding Democracy in Peru

In 2006, Mercedes Aráoz stepped into Peru’s cabinet with a mission to open her country to the world. As Minister of Foreign Trade and Tourism, she helped negotiate groundbreaking free trade agreements with major economies, linking Peru’s businesses and farmers to global markets.

A few years later, Aráoz shattered a glass ceiling as Peru’s first female Minister of Economy and Finance. In that role, she steered the economy through the global financial crisis, prioritizing infrastructure and stability while maintaining growth. Her technocratic expertise and steady leadership earned her respect at home and abroad as a problem-solver in times of turmoil.

Aráoz’s career has been defined by principled choices. In 2011, she famously walked away from a presidential candidacy rather than compromise on ethics, withdrawing her nomination when political bosses refused to drop a candidate tainted by corruption. Perhaps her greatest test came during Peru’s 2019 constitutional crisis. When the opposition-led Congress tried to seize power and briefly swore her in as interim president, Aráoz stunned the nation by resigning the claim the very next day. By stepping aside instead of fueling a power struggle, she helped defuse a democratic emergency. It was a bold act of putting country over ambition – a move many observers hailed as a triumph of constitutional order over chaos.

Like all leaders, Aráoz faced her share of storms and controversies. Yet her vision remained focused on progress and integrity. She championed Peru’s integration into the world economy and stood firm for democratic norms when they were tested. Her journey exemplifies leadership grounded in both competence and conscience.

What happens when women lead?

In Peru, markets opened, crises were calmed, and democracy held firm.