The Asia-Pacific Economic Cooperation (APEC) has long stood as a cornerstone of regional economic cooperation, serving as an effective incubator for innovative ideas and practical solutions to the challenges faced by the Asia-Pacific region. This week, leaders are gathering in Peru for the third time, focusing on the theme “Empower, Include, Grow” to emphasize sustainability and inclusivity in driving economic growth and fostering broader integration across the region.
The APEC region is a powerhouse on the global stage, representing 40 percent of the world’s population, nearly 50 percent of global trade, and 60 percent of the world’s GDP. It encompasses the two largest economies globally, alongside some of the most dynamic and high-potential developing economies. Over the past three decades, the region’s real GDP has surged from $19 trillion in 1989 to over $64 trillion in 2023. During the same period, average tariffs have decreased significantly, from 17 percent to 5.3 percent by 2021. As one of the world’s largest regional economic cooperation entities, APEC has significantly contributed to promoting economic development and shared prosperity, helping to create the “Asia-Pacific miracle” that has captivated the world.
These remarkable achievements are largely attributed to the commitment of APEC members to openness and the “APEC family spirit.” Throughout the past “30 golden years,” APEC economies have progressively opened their markets, evidenced by substantial reductions in trade and investment barriers, the gradual elimination of non-tariff barriers, and improvements in market transparency.
While APEC operates as a forum for voluntary, non-binding cooperation based on consensus, it has nonetheless been instrumental in inspiring free trade agreements. Although not a formal vehicle for negotiating such agreements, the APEC process has fostered greater adherence to multilateralism and encouraged free trade initiatives at sub-regional or plurilateral levels.
The regular APEC Economic Leaders’ Meetings have provided a positive atmosphere for international dialogue and integration. As stated by APEC leaders at their inaugural 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 as relevant today as it was then.
In today’s world, changes of unprecedented scale are unfolding rapidly. Great power competition, geopolitical conflicts, and bloc confrontations are impeding international cooperation and eroding 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 further weakened the global economy. Zero-sum mentalities and confrontations lead to beggar-thy-neighbor policies and strategies akin to a “small yard, high fence,” negatively impacting Asia-Pacific cooperation.
Faced with these challenges, it is imperative for APEC members to uphold the principles of openness and inclusiveness that have been the bedrock of the region’s past successes. By fostering collaboration and mutual understanding, the Asia-Pacific can navigate the complex landscape of the 21st century and continue to promote shared prosperity and sustainable growth for all.
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Openness and inclusiveness are key to future Asia-Pacific cooperation
cgtn.com
