APEC Economies Seek To Turn Shared Ambitions Into Tangible Economic Benefits
KUALA LUMPUR, Nov 14 (Bernama) -- The Asia-Pacific Economic Cooperation (APEC) economies are looking to translate shared ambitions into practical outcomes, particularly in connectivity, digital transformation and artificial intelligence (AI) as the region navigates growing economic uncertainties.
APEC secretariat executive director Eduardo Pedrosa said closer regional cooperation was essential to sustaining economic growth, strengthening resilience and ensuring businesses and workers could benefit from emerging opportunities.
He said improving cross-border connectivity, streamlining regulations and strengthening digital systems were among the areas where cooperation could deliver tangible benefits to businesses, particularly small and medium enterprises.
“China has proposed a new framework for connectivity cooperation through 2035, building on APEC's previous decade of work. The focus extends beyond physical infrastructure to include more efficient regulations, digital systems and the movement of people," he said in a blog article published on the APEC website today.
Pedrosa said the region also needed to strengthen cooperation in the digital economy and AI, which offered significant potential to improve productivity across agriculture, services, energy and trade.
However, access to the infrastructure, skills and investments required to harness these technologies remained uneven among economies.
He said China's proposals for digital economy and AI cooperation focused on helping economies develop the necessary infrastructure, skills and capabilities to adapt to technological changes.
“These efforts matter because productivity is ultimately what allows economies to improve living standards over time,” he said.
Pedrosa said the initiatives formed part of China's APEC host-year priorities centred on openness, innovation and cooperation, reflecting the need for the region to sustain growth amid an increasingly uncertain global economic environment.
APEC's 2040 Vision Under Review
Another key priority this year, he said, was on reviewing progress towards APEC's long-term vision for 2040, five years after the adoption of the Aotearoa Plan of Action.
Pedrosa said member economies were taking stock of their cooperation in trade, innovation and inclusive growth, while identifying areas requiring further attention.
The review also provided an opportunity to assess whether APEC's priorities remained relevant amid shifting global trade patterns and rapid technological developments.
On connectivity, he highlighted how inefficient customs procedures, documentation requirements and incompatible digital systems could create delays and additional costs for businesses, even when goods could physically travel across oceans within days.
For smaller businesses, such inefficiencies could significantly affect their ability to expand into new markets and remain competitive.
Consensus Remains Central to APEC Cooperation
Pedrosa said APEC's approach, which is based on consensus and voluntary commitments, enabled economies with different circumstances and priorities to identify common ground and cooperate at varying speeds.
He said cooperation did not require economies to agree on every issue, but rather to identify areas of shared interest, including trade facilitation, supply chain resilience and helping businesses and workers adapt to technological changes.
More than 300 APEC meetings have been held across more than 10 cities in China throughout the year.
The meetings have focused on advancing cooperation in trade, investment, economic resilience and opportunities across the Asia-Pacific region.
Pedrosa pointed out that the Asia Pacific's deep economic integration through supply chains, investment, technology and the movement of people meant decisions taken by one economy could have far-reaching implications for businesses, prices and employment across the region.
He said the success of the leaders' meeting should not be measured solely by the statements endorsed, but also by the commitments made and the direction they provided for future cooperation.
While the meeting would not resolve every economic challenge, he said regional cooperation remained important in reducing unnecessary barriers, strengthening resilience and creating opportunities for businesses and workers to adapt and prosper.
He said the real test would be whether economies could translate the outcomes into lower costs, better infrastructure and broader economic opportunities beyond the leaders' meeting.
"That is what makes the work in Shenzhen matter, long after the leaders have gone home," he said.
The 33rd APEC Economic Leaders' Week, scheduled for Nov 18-19 in Shenzhen, marks China's third time hosting the APEC Economic Leaders' Week, following previous editions in Shanghai in 2001 and Beijing in 2014.
APEC is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region, representing approximately three billion people and 61.6 per cent of global gross domestic product (GDP) in 2025.
Malaysia is among the 12 founding members of APEC. The others are Australia, Brunei, Canada, Indonesia, Japan, South Korea, New Zealand, the United States, the Philippines, Singapore and Thailand.
China, Hong Kong, Taiwan, Mexico and Papua New Guinea joined in 1993. Chile acceded in 1994 and in 1998, Peru, Russia and Vietnam joined, taking the full membership to 21.
-- BERNAMA