The APEC ministers are intent on countering economic and social challenges and delivering equitable benefits for the region’s three billion people, as noted in a statement issued by the APEC Ministerial Meeting and received here on Friday.
To this end, the 2024 APEC Ministerial Meeting addressed new collaborative initiatives under the theme of "Empower. Include. Grow."
Priorities include advancing regional economic integration that promotes trade and investment for inclusive and interconnected growth; harnessing innovation and digitalization to promote the transition to a formal and global economy; and intensifying efforts for sustainable growth for resilient development.
Peru's Foreign Minister Elmer Schialer and Foreign Trade and Tourism Minister Desilu Leon co-chaired the meeting.
At the meeting, representatives from the Organisation for Economic Co-operation and Development (OECD), the World Bank, the Inter-American Development Bank, the Food and Agriculture Organization, and the World Trade Organization shared perspectives on the global outlook to guide the ministers’ discussion.
"Hearing from stakeholders, including international institutions, signifies a shared commitment to the principles of collaboration, inclusivity, and progress that define the spirit of APEC," Minister Schialer said as he opened the session.
"Our thematic priorities and deliverables for this year reflect APEC’s commitment to addressing the pressing issues facing our region, from promoting trade and investment for inclusive growth to harnessing innovation and digitalization for transitioning to the formal economy and from advancing sustainable development to resilient growth, each priority and deliverable responds to relevant issues of common interest to our economies," he affirmed.
He highlighted that APEC’s substantive works this year have been guided by a commitment to strong, balanced, secure, sustainable, and inclusive growth, which members must turn into real outcomes.
"We reaffirm the importance of achieving meaningful regional economic cooperation," he added, pointing to sparing no effort to achieving this endeavor.
Schialer emphasized on the importance of including the most vulnerable segments of societies and, together, paving the way towards the achievement of sustainable development for APEC members' economies.
“It is only through collaboration, innovation, and a shared vision for the future that we can overcome the challenges we face and seize the opportunities that lie ahead,” he stated.
Reflecting on APEC’s progress, Minister León said that the meeting of trade ministers in Arequipa in May reaffirmed the members' support to the WTO, advanced their shared and updated Free Trade Area of the Asia-Pacific (FTAAP) agenda, and underscored their commitment to enhancing connectivity, strengthening resilient supply chains, expanding MSME access to formal and global markets, and fostering the economic empowerment of women through trade.
"Trade and investment have been cornerstones of APEC’s mission since its founding," she noted.
Minister Leon further underscored the importance of APEC members continuing to champion their core objectives and serving as a model for international cooperation amid the current global challenges.
"We recognize that the challenges before us are substantial. However, we remain confident that APEC’s focus on trade liberalization and facilitation will lead to greater efficiency, competitiveness, and growth, ultimately elevating the standards of living for our people," she concluded. The APEC Ministerial Meeting will be followed by the 2024 APEC Economic Leaders’ Meeting, which will be held on November 15-16.
President Prabowo Subianto arrived in Lima on Wednesday night (Nov 13) to attend the meetings.
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Reporter: Yuni Arisandy Sinaga
Editor: Tia Mutiasari
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