San Francisco - Asia-Pacific leaders concluded the APEC summit Friday with a joint call for trade policies that deliver shared prosperity across the region, amid growing concerns over protectionism and geopolitical tensions. The leaders reaffirmed their commitment to a free, fair, and open trade environment, emphasizing the need to ensure the benefits of globalization are more widely distributed.
The annual APEC gathering, held this year in San Francisco, comes at a critical juncture as the region navigates a complex landscape of slowing global growth, rising inflation, and increasing fragmentation of supply chains. The push for inclusive 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 APEC economies issued a declaration outlining priorities including advancing digital innovation, promoting sustainable growth, and strengthening regional connectivity. U.S. president Joe Biden, hosting the summit, highlighted the importance of investing in infrastructure and clean energy transitions to drive long-term economic development.
“We recognize the importance of trade and investment in driving economic growth and creating opportunities for all,” said a statement released by the APEC secretariat. “We are committed to working together to ensure that 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 and geopolitical events. Leaders agreed to enhance information sharing and coordination to mitigate future vulnerabilities and promote diversification 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 efforts reflect a growing recognition of the need to address emerging challenges and harness the potential of new technologies to drive sustainable and inclusive growth.
Notably, the APEC Business Advisory Council (ABAC) presented recommendations to leaders on streamlining trade procedures, reducing non-tariff barriers, and promoting regulatory coherence.ABAC chair, Phil O’Reilly, emphasized the importance of translating commitments into concrete actions. “APEC has a unique opportunity to shape the future of trade and investment in the region,” O’Reilly stated. ”It is crucial that leaders follow through on their pledges and deliver tangible benefits for businesses and citizens alike.”
