With protectionism on the rise, the Asia-Pacific Economic Cooperation (APEC) has committed to uphold free trade and multilateralism in the region.
During the APEC Ministerial Meeting held in Lima, Peru, on Nov. 14, representatives from the 21 member-economies of the non-binding group pledged to prioritize regional economic integration fostering trade and investments towards inclusive growth; harness digitalization and innovation while transitioning to the formal world economy; as well as intensify sustainable and resilient growth and development, a statement read.
According to Peruvian Foreign Minister Elmer Schialer, who co-chaired the meeting, member-economies and their partner-multilateral institutions have "signified a shared commitment to the principles of collaboration, inclusivity, and progress that define the spirit of APEC."
In particular, Peruvian Tourism Minister Desilu León, who's the meeting's other co-chair, noted that APEC trade ministers last May "reaffirmed members' support to the World Trade Organization (WTO); advanced their shared and updated Free Trade Area of the Asia-Pacific (FTAAP) agenda; and underscored their commitment to enhancing connectivity, strengthening resilient supply chains, expanding micro, small and medium enterprises' (MSMEs) access to formal and global markets, and fostering the economic empowerment of women through trade."
"Trade and investment have been cornerstones of APEC's mission since its founding. Amid current global challenges, it is crucial for us to continue championing our core objectives and serve as a model for international cooperation," León pointed out.
"We recognize that the challenges before us are substantial. However, we remain confident that APEC's focus on trade liberalization and facilitation will lead to greater efficiency, competitiveness, and growth, ultimately elevating the standards of living for our people," she added.
The statement quoted Schialer as saying that APEC under Peru's leadership in 2024 has been "guided by commitment to a strong, balanced, secure, sustainable and inclusive growth, which members need to turn into real outcomes."
"We reaffirm the importance of achieving meaningful regional economic cooperation... We value the importance of including the most vulnerable segments of our societies and, together, pave the way towards the achievement of sustainable development for our economies," he said.
"It is only through collaboration, innovation, and a shared vision for the future that we can overcome the challenges we face and seize the opportunities that lie ahead," according to Schialer.