APEC agrees to strengthen free trade at the end of its summit | News

The leaders of the Asia-Pacific Economic Cooperation (APEC) Forum economies on Saturday issued a statement in Bangkok, Thailand, and approved a final document on the Bio-Circular-Green Economy.


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The 21 economies that make up APEC, which include Russia, China and the United States, agreed to bet on free trade and the maintenance of supply chains.

The declaration, adopted at the end of the 29th APEC Economic Leaders’ Meeting, held on Friday and Saturday, reaffirms its longstanding commitment to promoting strong, balanced, secure, sustainable and inclusive growth.

They also expressed their commitment to realizing the APEC Putrajaya Vision to build an open, dynamic, resilient and peaceful Asia-Pacific community by 2040.

In the statement, the leaders said they are determined to uphold and further strengthen the rules-based multilateral trading system.

In addition, they welcomed the progress made this year in advancing the Free Trade Area of ​​the Asia-Pacific (FTAAP) and will continue to build on this momentum towards high-quality and comprehensive regional engagements through the Work Plan of the FTAAP Agenda.

“We reaffirm our determination to offer a free, open, fair, non-discriminatory, transparent, inclusive and predictable business and investment environment,” the text states.

The group also pledged to “keep markets open to manage supply chain disruptions,” disrupted by the conflict in Ukraine and the effects of the pandemic on the world in the past two years.

Member economies will continue to promote efforts to strengthen APEC’s leadership, standing out as the main economic forum in Asia-Pacific, as well as a modern, efficient and effective incubator of ideas.

APEC cooperation will contribute practical solutions to common challenges and complement global efforts, including the UN 2030 Agenda for Sustainable Development, the statement said.

The leaders reaffirmed their commitment to enhance an open and interconnected Asia-Pacific region, including through the implementation of the APEC Connectivity Plan (2015-2025).

APEC currently has 21 member economies: Australia, Brunei, Canada, Korea, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, United States , Taiwan, Thailand and Vietnam.