\u201cIn the face of these complexities, APEC economies have demonstrated\ntheir resolve to jointly uphold the regional economic and trade order,\u201d\nsaid Li Chenggang, Vice Minister of Commerce, People\u2019s Republic of\nChina, in APEC statement on its website, on Friday.<\/p>\n
Discussions on strengthening the cooperation was held when the APEC\nministers met in Suzhou, on Friday, and was held when shifts in trade\npatterns, supply chains and technology are reshaping the global economy,\nreinforcing the need for practical cooperation to address shared\nchallenges.<\/p>\n
During the meeting, Li Chenggang said that changes unseen in a\ncentury are unfolding at rapid speed with protectionism on the rise and\nrisks of trade fragmentation increasing across the region. He outlined\nsome points of responsibilities for APEC economies to navigate the\ncurrent challenging economic landscape, emphasizing the need for\ncooperation to ensure the region\u2019s economic resilience and growth.<\/p>\n
First, APEC economies must stay true to their founding mission,\nnoting that trade and investment liberalization has always been the\nregion\u2019s way forward through previous crises, from the Asian financial\ncrisis to the global financial crisis.<\/p>\n
Second, acknowledging that APEC economies are at different stages of\ndevelopment with varying interests, the value of APEC lies in bringing\neconomies with different interests together.<\/p>\n
Vice Minister Li stressed that while APEC is not a negotiating venue,\nit must take the lead in trade and economic discussions and bring\nregional trade rules toward greater consensus.<\/p>\n
\u201cFor agreements already established, we should implement them at a\nfaster speed for early outcomes. For existing differences, we need\nflexibility and progress in building consensus,\u201d he added.<\/p>\n
During the meeting, APEC ministers discussed restoring trust in the\nmultilateral trading system, with focus on advancing the Free Trade Area\nof the Asia-Pacific (FTAAP) to keep the region economically integrated\ndespite global fragmentation.<\/p>\n
Ministers also received an update from Dr Ngozi Okonjo-Iweala,\nDirector-General of the WTO, on developments following the Fourteenth\nMinisterial Conference (MC14) in Yaounde, Cameroon.<\/p>\n
She highlighted the risks to the global economic outlook, noting that\nfurther geopolitical tensions and rising oil prices could add pressure\nto trade flows, supply chains and growth prospects.<\/p>\n
As artificial intelligence reshapes global commerce, ministers also\nexamined how APEC economies can harness digital trade and cross-border\ne-commerce to create various new opportunities, particularly for micro,\nsmall and medium enterprises struggling to compete in an increasingly\ntech-driven market.<\/p>\n
Related news: Asia-Pacific region\u2019s economy grew 3.3 percent in\n2025<\/p>\n
Related news: Indonesia supports China\u2019s APEC push on digital\ntransformation<\/p>\n
Translator: Katriana<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/apec-ministers-push-for-open-trade-amid-global-uncertainty-1779542012", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }