Openness and inclusiveness are emerging as the cornerstones of future Asia-Pacific cooperation. As leaders gather in Peru for the third time, the focus is on promoting sustainability and inclusivity in economic growth, striving for a broader and more inclusive economic integration under the theme “Empower, Include, Grow.”
APEC, representing 40% of the world’s population, nearly 50% of global trade, and 60% of world GDP, includes the two largest global economies and some of the most dynamic developing economies. Over the past three decades, the region’s real GDP has soared from $19 trillion in 1989 to over $64 trillion in 2023, while average tariffs have plummeted from 17% to 5.3%.
These remarkable achievements stem from the commitment of APEC economies to openness and the “APEC family spirit.” Markets among member economies have progressively opened, with significant reductions in trade and investment barriers, elimination of non-tariff barriers, and enhanced market transparency.
Although APEC operates on voluntary, non-binding cooperation and is not a formal vehicle for negotiating free trade agreements, it has inspired numerous such agreements associated with its processes. APEC has deepened adherence to multilateralism and spurred more free trade endeavors at sub-regional or plurilateral levels.
Regular APEC Economic Leaders’ Meetings have fostered a positive atmosphere for international interaction and integration. As stated by APEC 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 today.
However, the world is witnessing unprecedented changes. Great power competition, geopolitical conflicts, and bloc confrontations are hindering international cooperation and mutual trust, posing significant challenges to the security and development of the Asia-Pacific region. The politicization and securitization of economic issues, along with increasing unilateral sanctions and technological barriers, have exacerbated the fragile global economy. Zero-sum mentalities and confrontations lead to beggar-thy-neighbor policies or “small yard, high fence” strategies, negatively impacting Asia-Pacific cooperation.
In this context, reinforcing openness and inclusiveness is crucial for the future of Asia-Pacific cooperation. By embracing these principles, APEC economies can navigate the complex global landscape, promote sustainable economic growth, and ensure shared prosperity across the region.
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Openness and inclusiveness are key to future Asia-Pacific cooperation
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