Latest News

APEC can be part of solution to global economic crisis: minister

The Asia-Pacific Economic Cooperation (APEC) forum is in a strategic position to become a part of the solution to the global economic crisis, Coordinating Minister for Economic Affairs, Airlangga Hartarto, has said.


APEC’s member economies represent more than 60 percent of the global gross domestic product and 48 percent of the global economy, he said at the APEC Leaders’ Retreat Session 2, which constituted the closing agenda of the APEC Economic Leaders’ Meeting (AELM).


“There are three steps that APEC can take,” he added.


Hartarto said the first step is harmonizing trade and technology policies by developing creative, modern, and comprehensive approaches to support resilient, inclusive, and sustainable trade.


The step can be taken by improving the inclusion and participation of development stakeholders, increasing technology-based digital trade access and facility, and boosting regional competitiveness by strengthening fair, transparent, inclusive, and facilitative multilateral trade, he said.


Hartarto said the second step is strengthening economic resilience through a tough, strong, and integrated supply chain, which had weakened due to the coronavirus disease 2019 (Covid-19) pandemic.


“To that end, it is necessary to build an information-sharing mechanism for early warning supply chain disruption, boost logistics infrastructure development, and reduce the carbon footprint of the regional logistics system for greener trade,” he added.


The third step is that APEC needs to increase its commitment to creating a clean and just economy by creating a conducive investment and trade policy, developing technology, and providing incentives to support the clean economic transition.


During the APEC Economic Leaders’ Meeting, APEC leaders agreed on the 2022 APEC Leaders’ Declaration over which, on the first day of AELM, they had reached a deadlock over the Russia-Ukraine war.


To overcome the deadlock, APEC economic leaders agreed to use the formulation adopted in the G20 Leaders’ Declaration so that the declaration would be acceptable to all sides.


Source: Philippines News Agency