APEC Economic Leaders' Meeting wraps up

The 26th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting wrapped up on Sunday. 

Men pass by the Asia-Pacific Economic Cooperation (APEC) summit giant signboard in Port Moresby, Papua New Guinea, 11 November 2018. The 30th Asia-Pacific Economic Cooperation (APEC) summit brings together world leaders from its 21 Pacific Rim member nations and is being hosted for the first time by Papua New Guinea on 17 and 18 November 2018. [Photo: IC]

The leaders at the meeting discussed various topics and the APEC economies have continued to make great efforts in making sure the Asia-Pacific region continues to achieve inclusive economic growth and integrate so that all citizens enjoy a better standard of living, said Papua New Guinea (PNG) Prime Minister Peter O'Neill said at a press conference after the meeting. 

The APEC Economic Leaders' Meeting, as well as the APEC CEO Summit, was a success, he noted.

Some issues discussed during the leaders' meeting included digital economy, regional economic integration, free trade area around the Asia-Pacific region, micro and small to medium enterprises, services, innovation, gender and food security, he said.

APEC leaders continue to focus on the efforts of trying to reduce inequality, making sure there is economic diversification and working together so as to reduce trade barriers, drive growth and ensure prosperity for the people, he said.

About the theme of this year's meeting "Harnessing Inclusive Opportunities, Embracing the Digital Future," the leaders also recognized that there are some technology disruptions within the region, so it is necessary to take measures on jobs, education and training, O'Neill said.

Most of all APEC leaders also stated that the work in APEC is very important, particularly in achieving the Bogor goals. The 21 economies must aspire to achieving the Bogor goals by 2020, O'Neill said.

"In 2020, APEC is looking at introducing, what they call a post 2020 vision and this is the work that we need to continue to build on and of course develop over the next few years," he noted.

The Bogor Goals were set in Bogor, Indonesia in 1994 to achieve free and open trade and investment among developed economies by 2010 and developing economies by 2020.

Growth in the Asia-Pacific region is much higher than the global growth over the last few years, but it is stressed very carefully that "we must not be complacent, we must continue to embrace new developments and embrace new technology,"said O'Neill.

The next APEC Economic Leaders' Meeting will be held in Chile in 2019.