| (Photo: AP)
With the theme "Creating a resilient and sustainable future for all", the 2023 APEC Economic Leaders’ Week has brought together government officials, business leaders, and scholars from the 21 APEC economies to build a more interconnected, innovative, and inclusive region.
New mindset, new actions to handle new requirements
The summit takes place with the world economy facing serious challenges including global recession due to COVID-19 and conflicts in several regions. The gap between the rich and the poor is widening, climate change is growing more serious, and political divisions are increasing. Although science and technology are developing rapidly, the institutional frameworks and resources needed for sustainable growth are not keeping pace.
These challenges are impossible to solve by one nation. They require regional and global cooperation. Economic growth based on exploiting and consuming resources must be replaced by a more sustainable, circular economic model.
Cooperation should aim for emissions reduction and a transition to clean energy, while also giving lagging economies a chance to catch up.
Protectionist trade barriers need to be eliminated, and a transparent, equitable global economic governance system should be built that balances the interests of all economies, large or small, and strengthens their ability to respond to crises.
APEC should be a leader of the 4th Industrial Revolution, set standards to regulate the development level of each country, and ensure that all people benefit from technological advances. Resources need to be prioritized for sustainable and inclusive development goals. There is an urgent need to mobilize and effectively use public and private financial resources.
|The leaders of APEC economies take a photo at APEC 2023 in San Francisco. (Photo: Thong Nhat/VNA)
APEC’s positive contributions to global issues
Given APEC’s role as an incubator of ideas, at APEC Leaders’ Week 2023, the US focused the agenda on economic issues, sustainable development, just energy transition, shaping the digital economy, women's economic empowerment, trade facilitation, energy security, food security, health, and carbon emissions reduction.
The Trade Ministers of the 12 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreed to open the door to new members.
The highlight of this year’s event was a meeting between the Presidents of the US and China, the world’s two largest economies, Major progress at this meeting was reported, with the two leaders agreeing to strengthen cooperation on climate change, drug trafficking, and artificial intelligence, which will affect every economy in the world.
APEC Leaders’ Week 2023 spun off several bilateral meetings where many specific cooperation commitments were made. Japan and South Korea agreed to hold periodic high-level dialogues to enhance cooperation in health and developing the green economy. China and Japan agreed to establish a dialogue mechanism on export controls.
Over the past 30 years, the APEC cooperation mechanism has made the Asia-Pacific region a pillar of the world economy. Its focus on economic development and trade liberalization has engendered success.
The 2023 Conference and recent positive signals have strengthened confidence in free trade and investment, laying a foundation for more agreements to work together to build a sustainable future.