APEC leaders should join hands to ensure another ‘golden 30 years’ for the region

The 31st APEC Economic Leaders’ Meeting to be held in Lima on Saturday is undoubtedly the most important event of the ongoing APEC Economic Leaders’ Week, which is being held in the Peruvian capital this week under the theme of “Empower, Include, Grow”.

The meeting sets the stage for bilateral and multilateral discussions among the participating leaders to further liberalize trade among the regional economies. Such face-to-face meetings between major leaders can effectively help deepen mutual understanding, prompt consensus and manage differences.

So the expectations are high that such meetings will also feature at Saturday’s gathering in Lima to help build consensus on the implementation of relevant pro-trade documents and newly adopted trade initiatives, among other things.

In the face of the world’s largest economy’s politicization of economic issues and attempts to restructure the global industry and supply chains to its liking, it remains a question whether the APEC mechanism can usher in another “golden 30 years” for the region.

Thirty years ago, after the end of the Cold War, leaders in the Asia-Pacific region unanimously agreed to transcend the old thinking of group confrontation and to work together to deepen regional economic cooperation and integration, and commit to building a dynamic, harmonious and prosperous Asia-Pacific family.

That propelled the development of the Asia-Pacific and put economic globalization onto the fast track, helping the region become the world’s economic growth center, the anchor for global stability, and the highland of cooperation. The Asia-Pacific now accounts for one-third of the world’s population, more than 60 percent of the world’s economy, and nearly half of the total global trade.

Whether or not the Asia-Pacific can enjoy another “golden 30 years” depends on whether the APEC members uphold the original aspirations of the mechanism, and push for a new start in Asia-Pacific cooperation. Those participating in Saturday’s meeting should bear in mind that openness and inclusiveness should be the main principles underlying regional cooperation, and promoting common development should be the overall goal.

They should thus seek to advance the process for the establishment of an Asia-Pacific free trade area, promote economic linkages and integration among the regional economies without any exclusion, and strengthen the connection between relevant regional economic and trade agreements and development strategies.

In particular, with a new technological revolution taking place, they should work together to improve global science and technology governance, strengthen support for technological innovation to promote the green transformation and sustainable development, and create an open, fair, just and nondiscriminatory environment for the development of science and technology.

China remains a staunch advocate and practitioner of Asia-Pacific cooperation. It hopes the regional economies will demonstrate the wisdom to maintain free and open trade and investment, and support and strengthen the inclusive regional trading system, rather than denying the achievements of the past 30 years by adopting a beggar-thy-neighbor approach to economic and development issues.

China is willing to work with all parties to comprehensively implement the APEC Putrajaya Vision 2040 and push for positive outcomes from this meeting, which it hopes will inject new impetus into regional economic integration and promote shared, balanced and sustainable growth. Beijing calls for parties in the Asia-Pacific to join hands and work together to build an Asia-Pacific community with a shared future.

[Abridged]

Editorial, China Daily