Apec must hold firmly on to its role as champion of economic globalisation
- Zhang Jun says with the multilateral trading system now under threat amid the rise of protectionism, Apec must rise to the challenge to forge even closer cooperation. In this, it will have China’s full support
Today, the Asia-Pacific is the world’s most vibrant economic region with the greatest growth potential. Faced now with the backlash against globalisation and the rise of protectionism, the international community looks to Apec to continue to chart the course for economic cooperation, blaze a trail for economic development in the Asia-Pacific, and inject positive impetus into the world economy.
Apec must stay true to its founding mission. Over the past decades, Asia and the Pacific has been an important engine of global growth, with intra-regional trade growing faster than gross domestic product and accounting for a larger share in total trade than the world’s average. This is attributed to the commitment of Apec members to the principle of free trade and an open economy. The Port Moresby meeting must build on Apec’s fine tradition.
Though challenging, such a role is important. In view of the differences among its members in economic maturity, Apec must try to build a framework of cooperation that benefits all, to facilitate not just trade and investment but also technical exchanges. Apec must play this coordinating role to deepen and expand regional cooperation.
