Openness and Inclusiveness: The Future of Asia-Pacific Cooperation
As Asia-Pacific leaders gather this week in Peru for the APEC Economic Leaders’ Meeting under the theme “Empower, Include, Grow,” the spotlight is on sustainable and inclusive growth. This marks the third time Peru hosts the forum, emphasizing the region’s commitment to fostering a broader and more inclusive economic integration.
The Asia-Pacific Economic Cooperation (APEC) region accounts for 40 percent of the world’s population, nearly 50 percent of global trade, and 60 percent of world GDP. Housing two of the largest global economies and several dynamic developing economies, APEC has been instrumental in driving economic development and shared prosperity over the past three decades. From 1989 to 2023, the region’s real GDP soared from $19 trillion to over $64 trillion, while average tariffs plummeted from 17 percent to 5.3 percent.
These remarkable achievements stem from APEC economies’ steadfast commitment to openness and the “APEC family spirit.” Over the past “30 golden years,” member economies have progressively opened their markets, significantly reducing trade and investment barriers, eliminating non-tariff barriers, and enhancing market transparency.
While APEC operates on voluntary, non-binding cooperation, its influence has inspired numerous free trade agreements within the region. APEC may not create formal rules, but it has deepened adherence to multilateralism and encouraged sub-regional and plurilateral free trade initiatives. Regular APEC Economic Leaders’ Meetings have provided a positive atmosphere for international interaction and integration. As stated by leaders at their first meeting in 1993, “the spirit of openness and partnership deepens, enabling us to find cooperative solutions to the challenges of our rapidly changing regional and global economy.” This sentiment remains true in today’s Asia-Pacific.
However, the region now faces unprecedented challenges. Accelerating changes unseen in a century are unfolding, with great power competition, geopolitical conflicts, and bloc confrontations impeding international cooperation and mutual trust. The politicization and securitization of economic issues, along with increasing unilateral sanctions and technological barriers, have further weakened the global economy. Zero-sum mentalities and confrontational approaches, such as beggar-thy-neighbor policies or strategies like a “small yard, high fence,” negatively impact Asia-Pacific cooperation.
In this critical juncture, openness and inclusiveness are more vital than ever. The Asia-Pacific region must reaffirm its commitment to these principles to navigate the complex challenges ahead. By embracing the “APEC family spirit,” member economies can foster mutual trust, enhance cooperation, and continue to drive economic growth and shared prosperity.
As leaders convene in Peru, it is imperative that they build on APEC’s legacy of openness and inclusivity. By doing so, they can ensure that the Asia-Pacific region remains a driving force in the global economy, delivering tangible benefits to all its people.
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Openness and inclusiveness are key to future Asia-Pacific cooperation
cgtn.com
