APEC Trade Ministers Committed To Regional Economic Integration, Supply Chain Resilience
KUALA LUMPUR, May 23 (Bernama) -- Trade ministers from the Asia-Pacific Economic Cooperation (APEC) economies have reaffirmed their commitment to advancing market-driven regional economic integration, including through the Free Trade Area of the Asia-Pacific agenda.
In a joint statement issued following the Ministers Responsible for Trade Meeting (MRT) held in Suzhou, Jiangsu, China, from May 22-23, the ministers said they would continue to work together to enhance experience sharing, capacity building, business engagement, and technical cooperation among members, including through the capacity-building needs initiative.
“As identified in the Ichma statement, we support efforts to promote high standards and increase areas of convergence in trade agreements, to improve the trade and investment environment for our businesses and people,” the trade ministers said.
The ministers also reaffirmed their commitment to APEC as the premier forum for regional economic cooperation and emphasised the importance of collective efforts to address economic challenges and create a more resilient and prosperous Asia-Pacific region.
They also underscored the importance of maintaining resilient supply chains, particularly for essential goods such as energy products and critical downstream derivatives.
“We recognise that it is in our mutual interest that our region remains interconnected and trade corridors remain open, to facilitate trade flows, including energy supplies and other essential goods,” they said.
The ministers added that transparency is important regarding measures that may affect trade or disrupt supply chains.
Meanwhile, the trade ministers also underlined their commitment to advancing concrete actions to strengthen food security and enhance the resilience of agri-food systems across the APEC region, including through practical cooperation and by recognising existing APEC frameworks.
They further encouraged members to advance connectivity cooperation, taking into account the findings and recommendations from the final review of the APEC connectivity blueprint (2015-2025).
As for the digital economy, the trade ministers said they looked forward to the continued implementation of the APEC Internet and digital economy roadmap in addressing emerging opportunities and challenges in the rapidly evolving digital landscape.
“We will continue our cooperation on facilitating the flow of data across borders, and strengthening business and consumer trust in digital transactions, in addition to ensuring data protection and privacy,” they said.
At the same time, the ministers reaffirmed their commitment to facilitate paperless trade in the region by promoting the cross-border recognition of electronic trade-related documents, including electronic bills of lading and electronic invoices, alongside capacity-building efforts.
In addition, they called for continued efforts to enhance security, accessibility, trustworthiness, and reliability to realise the benefits of artificial intelligence (AI) for all.
This includes fostering the adoption of AI in international trade and regional information and communications technology ecosystem development, with a focus on information exchange, cooperation and capacity building, they said.
The MRT meeting was held under the chairmanship of China’s Commerce Minister Wang Wentao.
-- BERNAMA
