San Francisco -โ Asia-Pacific leaders concluded theโค APEC summit Friday with a joint call for trade policies that deliver shared โคprosperity across the region, amid growing concerns over protectionism and geopolitical tensions. The leaders reaffirmed their commitment to a โfree, fair, and open trade environment, emphasizing theโค need to ensure the benefits of globalization are more widelyโข distributed.
The annual APEC gathering, held this year in San Francisco, comes at a critical juncture โas the region navigates a complex landscape of slowing global growth, โฃrising inflation, and increasing fragmentation of โฃsupply chains. The push for โคinclusive trade is aimed at addressing widening economic disparities and fostering greater resilience in the face of future shocks, with leaders signaling intent to build on existing frameworks and explore new avenues for cooperation.
Leaders from the 21 โAPEC economies issued a declaration outliningโข priorities including advancing digital innovation, promoting sustainable growth, and strengthening regional connectivity. U.S. โขpresident Joe Biden, โhosting the summit, highlighted โthe importance of โคinvesting in infrastructure and clean energyโ transitions โto drive long-term economicโ development.
“We recognize โขthe importanceโ of trade and investment in driving economic growth โand creating opportunities for all,” said a statement released by the APEC secretariat. “We โคare committed to working together to ensure โthat trade benefits are shared more broadly and that no one is left behind.”
Discussions also focused on bolstering supply chain resilience, a key concern following disruptions caused by the COVID-19 pandemic โฃand geopolitical events. Leaders agreedโ to enhance information sharing and coordination to mitigate โfuture vulnerabilities and promote โฃdiversification of supply sources.
The summit saw the launch of several new initiatives,including a framework for cooperation on clean energy and a digital trade network aimed at facilitating cross-border data flows. These โefforts reflectโฃ a growing โrecognition of the need to address emerging challenges and harness the potential of new technologies to drive sustainable and inclusive growth.
Notably, the APEC Business Advisoryโ Councilโฃ (ABAC) presented recommendations to leaders on streamlining tradeโข procedures, โreducing non-tariff barriers, and promoting regulatory coherence.ABAC chair, Phil O’Reilly, emphasized the importance โคof translating commitments into concrete actions. “APEC has a unique opportunity to shape the future of trade and investment in the region,” O’Reillyโข stated. โฃ”It is crucial that leaders follow through โonโ their pledgesโข and deliver tangible โbenefits for businesses and citizens alike.”
