This week in Peru, leaders from the Asia-Pacific Economic Cooperation (APEC) are convening for the third time, under the unifying theme of \"Empower, Include, Grow.\" As one of the world's most influential regional economic forums, APEC plays a pivotal role in shaping the future of a region that accounts for 40 percent of the global population, nearly half of the world’s trade, and 60 percent of global GDP.
Over the past three decades, the APEC region has witnessed remarkable economic growth, with real GDP soaring from $19 trillion in 1989 to over $64 trillion in 2023. This growth has been accompanied by a significant reduction in trade barriers, with average tariffs dropping from 17 percent to 5.3 percent between 1989 and 2021. These achievements are a testament to the region’s commitment to openness and the enduring \"APEC family spirit,\" fostering a more integrated and transparent market environment.
APEC’s influence extends beyond mere statistics. While it remains a platform for voluntary and non-binding cooperation, the ideas incubated within its meetings have inspired numerous free trade agreements at both sub-regional and plurilateral levels. This collaborative spirit has been instrumental in creating what many refer to as the \"Asia-Pacific miracle,\" driving economic development and shared prosperity across diverse economies.
The current APEC summit in Peru emphasizes sustainability and inclusivity, aiming to ensure that economic growth benefits a broader spectrum of the population. Leaders are focusing on strategies to navigate the complex challenges of today’s rapidly changing global landscape, including great power competition, geopolitical tensions, and the politicization of economic issues. These factors pose significant hurdles to international cooperation and economic stability in the region.
Despite these challenges, APEC remains a beacon of multilateralism and cooperative problem-solving. The regular APEC Economic Leaders' meetings continue to foster a positive atmosphere for dialogue and integration, staying true to the foundational spirit articulated in their first meeting in 1993. As the Asia-Pacific region faces unprecedented changes, APEC’s role in promoting open and inclusive economic policies is more crucial than ever.
By championing openness and inclusivity, APEC aims to empower its member economies to grow sustainably, ensuring that the benefits of economic integration are widely shared. This approach not only strengthens the region’s economic resilience but also contributes to global stability and prosperity.
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Openness and inclusiveness are key to future Asia-Pacific cooperation
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