Suzhou, China (ANTARA) - Trade ministers from 21 economies in the\nAsia-Pacific region have underscored the importance of maintaining\nresilient supply chains for energy and other essential products amidst\nthe conflict in the Middle East. This was stated in a joint communique\non Saturday, following a two-day ministerial meeting of the Asia-Pacific\nEconomic Cooperation (APEC) forum in Suzhou, China.<\/p>\n
\u201cEnsuring that trade continues to flow and critical infrastructure\ncontinues to support the continuity and integrity of global supply\nchains,\u201d the statement read. The declaration comes amid concerns\nregarding the effective closure of the Strait of Hormuz, a primary\nwaterway for energy transport, which has triggered supply fears and\nsurges in crude oil prices following US and Israeli actions involving\nIran.<\/p>\n
APEC trade ministers also acknowledged the potential of Artificial\nIntelligence (AI) to transform the landscape of international trade and\ncommitted to expanding regional trade related to AI. To realise the\nbenefits of AI for all parties, the ministers called for enhanced\nsecurity, accessibility, reliability, and credibility.<\/p>\n
With China serving as the APEC chair this year, the outcomes of this\nministerial meeting are expected to provide input for APEC leaders\nduring the summit to be held in Shenzhen, China, this coming November.\nChinese Trade Minister Wang Wentao stated during a press conference that\nthe Suzhou meeting highlighted the readiness of Asia-Pacific economies\nto cooperate amidst global challenges, such as rising geopolitical\ntensions and unilateralism.<\/p>\n
\u201cThis fully demonstrates that open regionalism and true\nmultilateralism enjoy broad support, and that a complementary and\ncollaborative approach aligns with the fundamental interests of all\neconomies,\u201d said Wang. He added that the meeting focused on leveraging\ncutting-edge technology, including AI, noting a shared hope among\nnations to further strengthen regional economic development through\ninnovation.<\/p>\n
As part of the APEC ministerial proceedings, China also hosted the\nfirst dialogue between members of the Regional Comprehensive Economic\nPartnership (RCEP) and the Comprehensive and Progressive Agreement for\nTrans-Pacific Partnership (CPTPP), two large-scale frameworks, according\nto Lin Feng, a senior Chinese trade official. Lin noted that 18 members\nfrom both trade agreements and ASEAN Secretary-General Kao Kim Hourn\nparticipated in the dialogue to discuss measures for advancing regional\neconomic integration.<\/p>\n
China is one of the 15 members of RCEP, which includes 10 ASEAN\nmembers, Japan, South Korea, Australia, and New Zealand. However, China\nis not a member of the CPTPP, for which it submitted an application in\n2021. RCEP entered into force in January 2022, but lacks the equivalent\nstandards of the CPTPP, whose members include Canada, Australia, Japan,\nMexico, and Singapore. Japanese Trade Minister Ryosei Akazawa did not\nparticipate in the RCEP-CPTPP dialogue, according to a senior Japanese\nofficial, as Tokyo does not recognise the event as being based on a\nconsensus between the members of both frameworks.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/apec-highlights-energy-supply-chain-threats-due-to-middle-east-conflict-1780886199", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }