View of the container terminal of Rizhao Port, east China’s Shandong Province, Aug. 22, 2024. (Xinhua/Guo Xulei)
From the “Bogor Goals” to the “Putrajaya Vision,” openness and inclusiveness have been the defining characteristic of Asia-Pacific cooperation, with APEC pushing for free and open trade and investment in the Asia-Pacific .
Par Choi Kinchong
Our world faces enormous challenges and uncertainties as we see Western economic powers using protectionism and trade barriers to serve their own interests at the expense of fair competition.
As the 31st Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting takes place this week in Lima, Peru, we must remember to remain true to APEC’s original aspiration and continue to promote the three pillars of APEC, namely trade and investment liberalization, business facilitation and economic and technical cooperation.
I firmly believe that multilateralism and free trade are the future directions for successful and sustainable global economic growth.
As we know, APEC began as an informal dialogue group and was formally established in 1989. Since then, it has become the leading forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC currently has 21 member economies, including the United States and China, the world’s two largest economies, and major Southeast Asian economies including Indonesia, Thailand and Vietnam.
From the “Bogor Goals” to the “Putrajaya Vision,” openness and inclusiveness have been the defining characteristic of Asia-Pacific cooperation, with APEC pushing for free and open trade and investment in the Asia-Pacific .
For obvious reasons, the most promising economic future will lie in the Asia-Pacific region.
China has driven the global economy for decades thanks to its strong and efficient production capabilities, its large and resilient domestic market, and the competitive and innovative spirit of the Chinese people, which have contributed to its vital role in global industrial and supply chains.
From 1979 to 2023, China’s economic growth averaged 8.9% per year, far exceeding the average global economic growth of 3% during the same period. China’s average annual contribution to global economic growth was 24.8 percent, according to a report from the National Bureau of Statistics of China.
As close trading partners, China and Southeast Asia have always upheld the principle of multilateralism and will continue to play a vital role in supporting global economic development. Free trade agreements, particularly the signing of the Regional Comprehensive Economic Partnership, have contributed positively to regional economic growth.
The Asia-Pacific region has great economic potential thanks to its rich natural resources, booming tourism, dynamic markets with high purchasing power and growing digital economy. In October, the International Monetary Fund predicted that the global economy will grow 3.2% in 2024 and that emerging and developing Asia will grow 5.3% this year.
APEC’s emphasis on multilateralism and cooperation will be crucial to addressing the growing economic challenges facing the world.
By strengthening mutually beneficial partnerships and maintaining their commitment to multilateralism, APEC members can pave the way for sustainable growth, stability and prosperity, not only for the Asia-Pacific, but also for the global economy as a whole. END
Editor’s note: Choi Kinchong is senior vice president of Thailand’s Kasikornbank and a business development expert.
The views expressed in this op-ed are those of the author and do not necessarily reflect those of Xinhua News Agency.
