SAN FRANCISCO, Nov 12 — The 2023 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week, which has commenced, is set to see leaders, ministers, and officials further APEC’s work across a wide range of policy areas this year.
This includes trade and investment facilitation, the digital economy, clean energy and climate, health, gender equity and equality, as well as anti-corruption and food security.
The Leaders’ Week, hosted by the United States (US) and chaired by President Joe Biden under the theme of “Creating a Resilient and Sustainable Future for All”, is guided by this year’s three priorities of interconnected, innovative, and inclusive.
APEC is a regional economic forum with 21 members.
Senior officials are starting off the week-long deliberations under three pillars of engagement, namely, the Digital Pacific pillar to expand access to digital connectivity, the Sustainability pillar to promote sustainable and inclusive energy transition and the Resilient and Inclusive Growth pillar to deepen economies’ ties and improve supply chain resiliency.
“Hosting APEC this year provides the United States with the opportunity to shape trade policies and drive economic growth in a vibrant Asia-Pacific region, which represents nearly 40 per cent of the world’s population, almost half of global trade and over 60 per cent of the global economy.
“This trade and investment engagement underscores APEC’s strategic role in our economic partnerships as this forum remains the premier platform for advancing economic and trade policies, fostering innovative ideas and supporting businesses, particularly small and medium-sized enterprises (SMEs),” said US Senior Official for APEC, Ambassador Matt Murray, in a statement.
By actively participating in regional and global value chains, SMEs overcome trade barriers, expand their presence, drive innovation, and access new markets.”
This week-long meeting will culminate in the APEC Economic Leaders’ Meeting on November 16 to November 17, where Asia-Pacific leaders will establish strategic agenda and regional goals for the next year guided by Biden.
Preceding the arrival of APEC Leaders, there will be the APEC Finance Ministers’ Meeting on November 13, focusing on policies that increase long-term economic output while addressing progress on social goals such as reducing inequality and environmental damage.
The APEC CEO Summit will also be held from November 14 to November 16, drawing business leaders and entrepreneurs from around the region to discuss building a future driven by sustainability, inclusion, resilience, and innovation.
“At the core, APEC is about how 21 member economies which are very varied in terms of economic development and political structures, can sit together in a room, confront the most pressing economic challenges, deliberate on difficult issues and find common ground — all to further initiatives towards a better world,” said APEC Secretariat executive director Tan Sri Rebecca Sta Maria.
“It is so necessary during this week’s set of meetings that we bring member economies together, not to focus on the differences and what divides us, but to focus on what we have been doing these past few years for regional economic integration, for youth, for women, for indigenous peoples and for our small businesses, and most importantly, to improve the lives of our citizens,” she said.
This year also marks the 30th anniversary since the first time APEC Economic Leaders met in Blake Island, Washington, on November 20, 1993, when then-president Bill Clinton convened the inaugural group to build a new economic foundation for the Asia Pacific that harnesses the energy of member economies, strengthens cooperation and promotes prosperity.
The United States and Malaysia are among the 12 founding members of APEC. The others are Australia, Brunei, Canada, Indonesia, Japan, South Korea, New Zealand, the Philippines, Singapore, and Thailand.
China, Hong Kong, Taiwan, Mexico, and Papua New Guinea followed in 1993. Chile acceded in 1994, while in 1998, Peru, Russia, and Vietnam joined, taking the full membership to 21.
— Bernama
