by Choi Kinchong
Our world is facing tremendous challenges and uncertainty as we have witnessed Western economic powers using protectionism and trade barriers to benefit their own interests at the expense of fair competition.
As the 31st APEC Economic Leaders' Meeting will soon start in Lima, Peru, we shall remind ourselves to remain true to APEC's original aspiration and continue to promote APEC's three pillars, namely, trade and investment liberalization, business facilitation, and economic and technical cooperation.
I firmly believe that multilateralism and free trade are the future directions for successful and sustainable world economic growth.
As we know, APEC began as an informal dialogue group and was formally established in 1989. It has since become the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC currently has 21 member economies, including the United States and China, the two largest economies in the world, and major economies in Southeast Asia, including Indonesia, Thailand and Vietnam.
From the "Bogor Goals" to the "Putrajaya Vision," openness and inclusiveness have been the defining feature of Asia-Pacific cooperation, as APEC has been pushing for free and open trade and investment in the Asia-Pacific.
For obvious reasons, the future economic bright spot will be in the Asia-Pacific.
China has been the global economic engine for decades thanks to its solid and efficient manufacturing capabilities, resilient and vast domestic markets, and the Chinese people's competitive and innovative minds, which have contributed to its vital role in global industrial and supply chains.
From 1979 to 2023, China's economic growth averaged 8.9 percent annually, far exceeding the average global economic growth of 3 percent during the same period. China's average annual contribution to world economic growth was 24.8 percent, according to a report from China's National Bureau of Statistics.
As close trade partners, China and Southeast Asia have always upheld the principle of multilateralism and will continue playing a vital role in supporting global economic development. The free trade agreements, especially the signing of the Regional Comprehensive Economic Partnership, have made positive contributions to regional economic growth.
The Asia-Pacific region has great economic potential thanks to its rich natural resources, booming tourism, dynamic markets with strong purchasing power, and fast-growing digital economy. In October, the International Monetary Fund (IMF) predicted that the world economy will grow at 3.2 percent in 2024 and the emerging and developing Asia is expected to grow at 5.3 percent this year.
APEC's enduring focus on multilateralism and cooperation would be crucial as the world faces rising economic challenges.
By strengthening mutually beneficial partnerships and maintaining a commitment to multilateralism, APEC members can pave the way for sustainable growth, stability, and prosperity not only for the Asia-Pacific but for the global economy as a whole.
Editor's note: Choi Kinchong is the senior vice president of Kasikornbank and a business development expert in Thailand.
The views expressed in this article are those of the author and do not necessarily reflect those of Xinhua News Agency.
