The key to progress and development in the Asia-Pacific region lies in ever-closer cooperation
Vladimir Putin says deeper regional integration, along the lines of the model adopted by Russia and its close neighbours, offers a way forward for growth and can help create a real family of nations
The latest Asia-Pacific Economic Cooperation (Apec) summit will take place on November 18-19 in Manila. This year’s summit takes place under the motto chosen by the Philippines presidency – “Building inclusive economies, building a better world”.
For a long time, trade has been the driving force of economic growth in the Asia-Pacific region and other parts of the world. However, as the effect of tariff liberalisation started to wear off, it became clear that we need additional agreements covering services, investment, non-tariff barriers, competition policy and subsidies. Of course, we cannot reach such agreements without complicated negotiations and mutual concessions.
Deeper regional economic integration offers us a possible way out of the current situation. Today, Russia and its close neighbours – Armenia, Belarus, Kazakhstan and Kyrgyzstan – have taken successful steps to develop the Eurasian Economic Union (EAEU).
Realising the Apec countries’ development potential will take more than just reaching agreement on the rules of the game for today’s trade flows
Our integration project is based on the World Trade Organisation’s universal, transparent principles and is designed from the outset to work together with other countries and their organisations. In May this year, we signed a free trade agreement between the EAEU and Vietnam. Another 40 countries are examining the possibility of signing similar agreements.
One example of responsible and transparent partnership is the agreement to converge our EAEU project with China’s Silk Road Economic Belt initiative. This will allow us to resolve a number of bottlenecks in transport infrastructure and procedures for cross-border movement of goods and services. It will also give a big boost to effective integration of the Asia-Pacific economies.
Overall, the creation of new free trade zones will help to create good conditions for liberalising trade and investment flows in the region. At the same time, however, the confidential fashion in which the Trans-Pacific Partnership negotiations were conducted is probably not the best way to facilitate sustainable growth in the Asia-Pacific region.