APEC economies eye shared future of dynamic, prosperous Asia-Pacific community

Member economies from the Asia-Pacific Economic Cooperation (APEC) pledged on Saturday to foster a shared future of peaceful, stable, dynamic, inter-connected and prosperous Asia-Pacific community.

Chinese President Xi Jinping (5th L, front) poses for a group photo with other leaders and representatives from the Asia-Pacific Economic Cooperation (APEC) member economies at the 25th APEC Economic Leaders' Meeting in Da Nang, Vietnam, Nov. 11, 2017. [Photo: Xinhua]

In a declaration issued after the APEC Economic Leaders' Week, the 21 APEC economies said: "We reaffirm our support for the 2030 Agenda for Sustainable Development, as a framework for inclusive growth."

The APEC economies were determined to advance economic, financial and social inclusion, with a vision to build an inclusive, accessible, sustainable, healthy and resilient APEC community by 2030.

Against a backdrop of rising protectionism and de-globalization, they agreed to create new drivers for regional economic integration.

"We remain committed to attaining the Bogor Goals of free and open trade and investment in the Asia-Pacific region," said the Da Nang Declaration, vowing to accelerate their efforts to address World Trade Organization (WTO)-inconsistent barriers to trade and investment and take concrete actions toward the Bogor Goals by 2020.

Furthermore, they decided to work together to realize the potential of an internet and digital economy. "We welcome the adoption of the APEC Internet and Digital Economy Roadmap and the APEC Framework on Cross-border E-Commerce Facilitation," said the document released after a week-long event which culminated in the 25th APEC Economic Leaders' Meeting on Friday and Saturday.

More than 2,000 trade officials, delegates and entrepreneurs gathered in the central Vietnamese port city for the annual APEC summit. Established in 1989, APEC is Pacific Rim's premier economic forum aimed at supporting sustainable economic growth and prosperity in the Asia-Pacific.

The APEC economies also vowed to advance in a comprehensive and systematic manner the process toward a Free Trade Area of the Asia-Pacific (FTAAP) to further APEC's regional economic integration.

"We commend the efforts of economies to advance work related to the eventual realization of an FTAAP, including capacity building initiatives and information sharing mechanism,"the declaration said, adding that they encouraged the APEC members to enhance ability to participate in high-quality, comprehensive free trade agreement talks in the future.

It also underlined APEC's crucial role in support of a rules-based, free, open, fair, transparent and inclusive multilateral trading system.

The member economies reaffirmed their commitment to build a seamless and comprehensively connected and integrated Asia-Pacific by 2025.

"We reiterate the importance of quality infrastructure for sustainable economic growth and pledge to promote infrastructure in terms of both quantity and quality through adequate investment and strengthened public-private partnership," said the declaration.

The APEC economies looked forward to setting a strategic, aspirational and action-oriented vision for its future.

"We welcome the establishment of the APEC Vision Group to assist senior officials in shaping the post-2020 vision, including through consultations with relevant stakeholders," said the declaration.