APEC economies commit to free and fair trade

Members of the Asia-Pacific Economic Cooperation reaffirmed their commitment to work together to achieve “free, open, fair, non-discriminatory, transparent, inclusive and predictable” trade, according to the ministerial declaration released Saturday at the end of the leaders’ meeting in Lima.

Canada’s Prime Minister Justin Trudeau (l); Chile’s President Gabriel Boric (2-i); China’s President Xi Jinping (c); Peru’s President Dina Boluarte (2-r) and Hong Kong’s Chief Executive John Lee Ka-chiu (r) pose for the official photo of APEC leaders of economies in Lima, Peru, 16 November 2024. EFE/ Paolo Aguilar

“We reiterate our commitment to working together to deliver a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment,” said the document, which contains 36 points on various issues.

Chinese President Xi Jinping and Peruvian President Dina Boluarte speak during the official photo-taking of APEC economic leaders in Lima, Peru, 16 November 2024. EFE/ Paolo Aguilar

The 21 economies said they would advance the Free Trade Area of the Asia-Pacific agenda inclusively and sustainably, building on existing work efforts and considering new and emerging issues.

The Prime Minister of Canada, Justin Trudeau (r), and the President of Chile, Gabriel Boric (r), talk during the official photo session of APEC economic leaders in Lima, Peru, 16 November 2024. EFE/ Paolo Aguilar

To this end, they stated that they would enhance information sharing, capacity building, and technical cooperation efforts to support the readiness of economies to participate in comprehensive and high-quality regional initiatives.

The Sultan of Brunei, Haji Hassanal Bolkiah (c), prepares for the official photo of APEC economic leaders in Lima, Peru, 16 November 2024… EFE/ Paolo Aguilar

Appreciating the consensus outcomes of the APEC 2024 Trade Ministers’ Meeting, Asia-Pacific ministers agreed to keep markets open to promote fair competition, arguing that this will lead to better living conditions and greater economic opportunities for their people.

“We will continue to work to build a level playing field to foster a favorable trade and investment environment. We recognize that trade can contribute to achieving inclusive and sustainable economic growth, and remain committed to implementing the San Francisco Principles and implementing the Bangkok Goals” they added.

They also supported the rules-based multilateral trading system, with the World Trade Organization at its core.

The statement said structural reforms for inclusive and formal economic growth are key, for which APEC has developed mechanisms and urged governments to make ambitious changes to achieve this goal.

“We also acknowledge the importance of competition policy and law, as well as the advantages of competitive markets in contributing to sustainable and inclusive economic growth, and we look forward to continuing this important work,” the statement added.

Empowering women

Another point reiterated in the declaration was the importance of increasing women’s participation in the economy, their financial empowerment, and seeking to advance concrete measures to promote equal opportunities in business and trade.

“We call for strengthened cooperation across economies to advance women’s economic empowerment and gender equality, including by enhancing collaboration among APEC committees and subfora and other stakeholders,” the declaration said.

It urged economies to increase efforts to provide women and girls from diverse backgrounds with equal education and employment opportunities, financial services, social protection systems, improved access to capital, and participation in the creative economy and in science, technology, engineering, and mathematics.