"Asia-Pacific countries are at a historic crossroads and bear significant responsibilities," said Xi. His remarks targeted the growing challenges of unilateralism, protectionism, and geopolitical tensions, which he said undermine the region’s stability and development. Xi argued for a collaborative approach to economic integration and innovation to secure long-term prosperity.
The Chinese leader outlined a vision for an open and interconnected economy in the Asia-Pacific. He called for removing obstacles that hinder the flow of trade, investment, and technology while committing to regional economic integration and connectivity. He underscored the role of the World Trade Organization (WTO) as the cornerstone of global trade and urged member economies to fully reactivate APEC’s ability to shape economic and trade rules.
A key theme of Xi’s speech was sustainability. He proposed making green innovation a driver of regional growth, pointing to China’s domestic efforts to develop environmentally sustainable industries. He pledged deeper cooperation with APEC economies in clean energy, environmental technologies, and green financing. China’s Global Cross-Border Data Flow Cooperation Initiative was announced as a step toward promoting secure and efficient data exchanges, crucial for the digital economy.
Addressing inclusivity, Xi stressed the importance of equitable growth. He called for greater economic and technical support to developing economies and disadvantaged groups, advocating for shared benefits through expanded cooperation. "We need to expand the pie and distribute it equitably so that development benefits more economies and people," he said.
During the summit, Xi held a bilateral meeting with U.S. President Joe Biden. Both leaders acknowledged the need for open communication to manage competition responsibly and avoid conflict. Xi highlighted seven principles for a stable relationship, including mutual respect, adherence to international norms, and avoiding red-line confrontations. He warned against actions that challenge China’s sovereignty, particularly concerning Taiwan, which he described as a critical issue for China.
Biden reaffirmed the U.S. commitment to the one-China policy and expressed a desire to enhance dialogue with Beijing. He rejected the notion of decoupling, describing the bilateral relationship as essential to global stability. Both sides agreed on the need for practical cooperation in areas such as climate change, artificial intelligence, and global health.
The APEC Ministerial Meeting, held earlier, focused on digital transformation, environmental sustainability, and resilience in supply chains. Member economies reaffirmed their commitment to the Putrajaya Vision 2040, aimed at building a resilient, inclusive, and dynamic Asia-Pacific community. Ministers endorsed roadmaps for addressing pressing regional issues, including net-zero emissions, marine debris, and food security.
APEC, established in 1989, serves as a critical forum for economic cooperation among 21 Pacific Rim economies. It has consistently championed trade liberalisation, sustainable development, and innovation. With a combined GDP exceeding $60 trillion, APEC economies account for approximately 60% of global GDP and 47% of world trade.
During the summit, discussions also centred on enhancing the integration of micro, small, and medium-sized enterprises (MSMEs) into regional and global supply chains. APEC has prioritised empowering smaller businesses through digitalisation, financial inclusion, and access to international markets. The ministers stressed the need for reducing barriers that hinder MSMEs from fully participating in the global economy.
Environmental concerns were prominent throughout the summit. Member economies committed to advancing the APEC Food Security Roadmap Towards 2030, which focuses on ensuring resilient and sustainable agri-food systems. Collaborative efforts to address illegal fishing, marine pollution, and deforestation were also highlighted. The adoption of the Trujillo Principles for Preventing and Reducing Food Loss and Waste underscored APEC’s commitment to improving food security across the region.
Tourism, another vital sector for many APEC economies, received attention during the summit. Ministers emphasised the importance of promoting sustainable tourism practices and integrating informal businesses into the formal economy. Digitalisation and innovation were identified as key tools for building resilient tourism ecosystems capable of withstanding global disruptions.
Technological advancement remained a central theme of APEC’s agenda. Leaders emphasised the need for increased collaboration in areas such as artificial intelligence, quantum computing, and biotechnology. APEC economies were encouraged to align their legal frameworks with international standards to facilitate cross-border electronic trade.
As the host nation, Peru emphasised the importance of linking APEC’s policy discussions to tangible benefits for its citizens. Initiatives such as "APEC for the People" aimed to make the forum’s work more accessible and relevant to ordinary people. Leaders also stressed the need to address inequalities exacerbated by the digital divide, particularly for women, Indigenous communities, and people with disabilities.
Looking forward, APEC’s agenda will continue under South Korea’s leadership in 2025. Member economies are expected to build on the outcomes of the Lima summit, with a focus on enhancing regional integration, fostering innovation, and addressing global challenges.
HT
