Indonesian Trade Minister Zulkifli Hasan recently urged trade ministers belonging to the Asia-Pacific Economic Cooperation (APEC) to resume their commitment towards reinforcing multilateral trade through the World Trade Organization (WTO). In a statement issued on Saturday, Hasan highlighted the APEC’s key role in generating new ideas and asserted that it needed to continue doing so by establishing a “clear-thinking agenda” aimed at ensuring positively inclusive growth, driving down both poverty and income inequality. He further stressed that the key to achieving this was through active collaboration between APEC policy makers and trade ministers who would need to join forces in order to overcome the economic challenges currently facing the region.
Hasan pointed out that the WTO had demonstrated its ability to produce results even during the COVID pandemic situation. Moreover, he encourages APEC trade ministers to maintain its momentum and push for the 13th Ministerial Conference in 2024 to yield significant results. However, he cautioned that the WTO faces significant challenges regarding the need to restructure and enhance its core functions while also dealing with increasing levels of economic inequality. He also emphasized the need to uphold the basic principles of the WTO in order to strengthen its role, calling for greater provisions of developing and under-developed countries special treatment.
The APEC forum comprises 21 economies located around the Pacific Ocean. Its main aim is to cooperate with various countries in the region to promote economic development, which encompasses issues such as trade and investment, to support growth and drive prosperity in the Asia-Pacific region.
Hasan further highlighted the need for APEC trade ministers to provide political impetus for continued substantive and balanced negotiations during the 13th WTO Ministerial Conference. Hasan encourages discussion on topics related to agriculture (including public stockholding and special safeguard mechanisms), fisheries subsidies, services issues as well as new areas such as e-commerce, investment facilities, and Micro, Small, and Medium Enterprises (MSMEs).
In conclusion, The encouragement from the Indonesian trade minister on the resumption of APEC’s commitment towards strengthening multilateral trade through the WTO has promising economic implications for the Asia-Pacific region. The 13th Ministerial Conference can potentially boost economic development in the mentioned sectors and strengthen economic ties between countries within the region.
