President calls for impediments to trade, investment, technology and services to be removed. Mo Jingxi reports
Chinese President Xi Jinping on Nov 16 proposed building an open and interconnected paradigm for Asia-Pacific cooperation with efforts to advance regional economic integration and "tear down the walls" impeding the flow of trade, investment, technology and services.
Speaking at the 31st Apec Economic Leaders' Meeting, Xi called on Asia-Pacific countries to act in solidarity and cooperation to meet the challenges confronting cooperation in the region, such as rising tendencies of geopolitics, unilateralism and protectionism. "At this historic crossroads, we Asia-Pacific countries carry greater responsibilities on our shoulders," he said.
The Chinese president's proposal is an active move to steer the world economy back onto the correct track of globalisation, and it is also the world's second-largest economy's commitment to further opening-up and common development for the world, particularly the Global South countries, experts said.
Consisting of 21 members, Apec accounts for approximately 38 per cent of the world's population, 60 per cent of its total GDP, and 47 per cent of its trade.
"A Free Trade Area of the Asia-Pacific is an ambitious vision for regional economic integration and is critical for long-term development and prosperity of our region," Xi said in his remarks.
Ten years ago, a historic decision to kick off the FTAAP process was taken at the gathering of Apec economic leaders in Beijing.
"Today, we will adopt a new document to guide this process. I believe that this will give new impetus to our efforts towards an open Asia-Pacific economy," Xi said.
Chen Taotao, director of the Latin America Centre at Tsinghua University in Beijing, said that regional economic integration has been proven as an efficient economic operating model in the process of globalisation.
"In recent years, due to geopolitical reasons, some countries have intentionally adopted high tariffs and other methods to restrict the normal global layout of high-tech Chinese enterprises in certain industries in order to suppress China's development," she said.
Chen said that in this process, developing countries — including many Latin American countries — have strongly felt the damage caused to their economies by such instability.
Xi said that opening-up is a distinct hallmark of Chinese modernisation and reiterated the country's commitment to promoting reform through opening-up.
China just signed a protocol to upgrade the free trade agreement with Peru on Nov 14 and has substantially concluded negotiations with ASEAN to upgrade to free trade area 3.0 last month.
"Together with the relevant parties, we will seek to discuss trade agreements in digital and green areas and steadily expand the globally oriented network of high-standard free trade areas," Xi said.
He added that China welcomes all parties to continue riding the "express train" of its development and grow together with the Chinese economy.
To start a new era in Asia-Pacific development, the Chinese president also proposed to make green innovation a catalyst for the Asia-Pacific and uphold a universally beneficial and inclusive vision for Asia-Pacific development.
"We need to firmly seize the opportunities presented by the new round of sci-tech revolution and industrial transformation and strengthen exchanges and cooperation in artificial intelligence, quantum information, life and health, and other frontier areas," Xi added.
China will launch a Global Cross-Border Data Flow Cooperation Initiative and seek deeper cooperation with other parties to promote efficient, convenient and secure cross-border data flows, he said.
The Chinese president also called for more support for developing economies and disadvantaged groups and for nations to work together to grow the pie and distribute it equitably to allow more economies and people to benefit from development.
Three outcome documents, including the Ichma Statement on a New Look at the Free Trade Area of the Asia-Pacific, were adopted after the meeting on Nov 16.
Liu Chenyang, director of the Apec Study Centre of Nankai University, said the outcomes hold a positive significance in determining the role of the Global South amid a complicated global landscape.
Liu noted that it is impossible for any kind of cooperation at the global level to succeed without the participation of Apec members.
China to host Apec meeting in 2026
China will host the Apec Economic Leaders' Meeting in 2026, President Xi Jinping said on Nov 16.
"We look forward to working with all parties to deepen Asia-Pacific cooperation to the benefit of the peoples in the region," he said.
This marks the third time China will host the gathering since Apec's founding in 1989. The previous times were in 2001 and 2014.
"Over the decades, Apec has been instrumental in leading Asia and the Pacific to great success in development, prosperity and connectivity, making the region the most dynamic economy and primary engine of global economic growth," Xi said at the 31st Apec Economic Leaders' Meeting in Lima.
To advance Asia-Pacific cooperation, China took the initiative to shoulder the responsibility by offering to host Apec in 2026, which was welcomed by Apec members and received their endorsement at this year's Apec Economic Leaders' Meeting, a Chinese Foreign Ministry spokesperson said on Nov 16.
"China stands ready to enhance communication and cooperation with other parties on hosting Apec in 2026 to jointly implement the Putrajaya Vision 2040, advance the building of an Asia-Pacific community and the Free Trade Area of the Asia-Pacific, deliver more results through practical cooperation and inject fresh impetus into the economic growth of the Asia-Pacific and beyond," said the spokesperson.
The Putrajaya Vision 2040, adopted by Apec leaders in 2020, envisions "an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations".