The 30th APEC Economic Leaders' Meeting in San Francisco underscored the vital role of multilateralism in driving the Asia-Pacific's growth and maintaining its integrity. With the region accounting for half of the world's GDP and around 40% of its population, Asia-Pacific stands as the most dynamic and economically vibrant area globally.
Key topics discussed at the meeting included supply chain resilience, science and technology, sustainable energy, infrastructure development, women's economic empowerment, and diversity. These subjects reflect the region's commitment to fostering economic development, collaboration, trade, and investment.
Despite facing challenging geopolitical conditions, APEC members emphasized the importance of moving away from protectionist measures and fostering a cooperative attitude. Leaders from the U.S., South Korea, Japan, Australia, and the Philippines highlighted the benefits of shifting from zero-sum competition to collaboration, particularly in relation to China.
Chinese President Xi Jinping, addressing the assembly, advocated for an open, free, and nondiscriminatory international trade system. He called on all stakeholders to work together to enhance prosperity and regional development. China's dedication to innovation, environmentally friendly products, and human resource training was recognized as pivotal for restoring the region's integrity and prosperity.
Furthermore, China's Belt and Road Initiative was highlighted as a strategic partnership that promotes global economic inclusivity through investments in digital innovation, workforce development, infrastructure, and support for small and medium-sized enterprises.
In a significant moment, Chinese President Xi Jinping and U.S. President Joe Biden held their first face-to-face meeting in a year. They engaged in open and thorough discussions about the global economy and other critical issues, emphasizing the need for respect and collaboration between their nations. President Xi stressed that major-country rivalry cannot effectively address the pressing global challenges they face.
The collaboration and development fostered through APEC are seen as essential for sustainable progress and have a substantial impact on the future of the global economy. By prioritizing multilateral cooperation, the Asia-Pacific region aims to navigate economic challenges and seize new growth opportunities, ensuring a prosperous and stable future for all its members.
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Multilateralism is crucial for Asia-Pacific's growth and integrity
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