Apec economies seek to turn shared ambitions into trangible economic benefits

The Asia-Pacific Economic Cooperation (APEC) economies are seeking to transform shared goals into concrete economic benefits, particularly in connectivity, digital transformation and artificial intelligence (AI), as the region faces economic uncertainties. APEC Secretary-General Eduardo Pedrosa emphasized that closer regional cooperation is vital for sustaining growth, enhancing resilience, and enabling businesses and workers to capitalize on emerging opportunities.

Improving cross-border connectivity, streamlining regulations, and strengthening digital systems were identified as key areas where cooperation could deliver tangible benefits to businesses, especially small and medium-sized enterprises. China has proposed a new framework for connectivity cooperation through 2035, expanding on APEC's previous decade of efforts.

The focus encompasses not only physical infrastructure but also more efficient regulations, digital systems, and the movement of people. APEC's digital economy and AI cooperation aims to bolster productivity in agriculture, services, energy, and trade. However, disparities in access to necessary infrastructure, skills, and investments persist among economies.

Pedrosa highlighted that such efforts are crucial as productivity underpins the enhancement of living standards over time. This year, APEC is reviewing its 2040 Vision in light of the Aotearoa Plan of Action, five years after its adoption. The review evaluates progress on trade, innovation, and inclusive growth and assesses whether APEC's priorities remain pertinent amid shifting global trade patterns and rapid technological advancements.

Cross-border inefficiencies such as cumbersome customs procedures, documentation requirements, and incompatible digital systems can impede businesses' expansion and competitiveness, even when goods can traverse oceans within days. Pedrosa stressed that APEC's consensus-based approach, allowing economies with varied circumstances and priorities to find common ground and cooperate at different paces, fosters collaboration.

The success of the APEC Economic Leaders' Week in Shenzhen, set for Nov 18-19, will be gauged not just by statements endorsed but by commitments made and the direction they set for future cooperation.