The Asia-Pacific region, home to nearly 40 percent of the world’s population and contributing to half of the global GDP, stands at a pivotal moment. The recent 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in San Francisco highlighted the crucial role of multilateralism in driving sustainable growth and fostering unity across diverse economies.
APEC, as an open and non-binding platform, facilitates dialogue aimed at promoting economic development, collaboration, trade, and investment. This year’s meeting addressed key issues such as supply chain resilience, technological innovation, sustainable energy, infrastructure development, women’s economic empowerment, and diversity.
With the International Monetary Fund projecting that APEC will account for two-thirds of global growth this year, embracing multilateralism is more important than ever. It serves as a catalyst for free trade and bolsters the gains of globalization, especially amidst a slowing global economy.
However, the region faces challenges due to geopolitical tensions and protectionist policies. Reducing unnecessary protectionist actions and limiting geopolitical rivalries are essential steps toward enhanced cooperation. Fostering a collaborative attitude among all member economies, including the United States, the Republic of Korea, Japan, Australia, and the Philippines, can significantly contribute to sustained positive development momentum.
China, as a major proponent of economic cooperation, consistently advocates for an open, free, and non-discriminatory international trade system. In his speech at the APEC meeting, Chinese President Xi Jinping called for collective efforts to advance regional development and prosperity. China’s commitment to promoting innovation and maintaining an open approach offers valuable opportunities for other economies in the region.
Initiatives like the Belt and Road Initiative exemplify China’s dedication to global economic inclusivity through investments in digital innovation, workforce development, infrastructure, and support for small and medium-sized enterprises. These efforts contribute to the shared goal of achieving common prosperity and sustainable progress.
Collaboration over competition ensures peaceful cooperation and stability, which are fundamental for the region’s future. As the Asia-Pacific seeks new growth prospects, the cooperation and development within the region have a profound impact on the global economy’s trajectory.
Significantly, the meeting between President Xi Jinping and U.S. President Joe Biden during the APEC summit marked a positive step toward addressing global economic concerns. The two leaders engaged in open and in-depth discussions, emphasizing the importance of respect and collaboration between their nations. President Xi highlighted that major-country rivalry cannot resolve the challenges they face and underscored the shared responsibility they hold for the world and history.
Embracing multilateralism and fostering cooperation are vital for the Asia-Pacific region’s growth and integrity. By working together, member economies can overcome challenges, drive sustainable development, and contribute to a more prosperous global community.
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Multilateralism is crucial for Asia-Pacific's growth and integrity
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