APEC economies urged to uphold open attitude

Forum should push for goals outlined in joint statements, official says
Asia-Pacific Economic Cooperation economies should uphold the principles of open regionalism and avoid the formation of closed and exclusive "small blocs" within the region, a senior government official said.

Vice-Minister of Commerce Wang Shouwen said the regional economic forum should actively promote the upcoming 13th Ministerial Conference of the World Trade Organization to resume the operation of the dispute settlement mechanism, reinforce food security, achieve temporary tariff exemptions for electronic transmissions and facilitate accession of new members.

Wang, who is also China's international trade representative, was addressing the 2023 APEC Ministerial Meeting, which was held in San Francisco in the United States on Tuesday and Wednesday.

The 13th WTO ministerial conference is scheduled from Feb 26 to 29 in Abu Dhabi in the United Arab Emirates.

The APEC ministerial meeting focused on topics such as supporting the multilateral trade system, regional economic integration, supply chain cooperation and the digital economy as well as promoting inclusivity and sustainable trade and investment, the Ministry of Commerce said in an online statement on Thursday.

Wang called for holding a high-level meeting of officials before the WTO ministerial conference to build consensus. With an open attitude, APEC should push for the goals — such as investment facilitation — set forth in joint statements and initiatives, and integrate them into a multilateral framework, he said.

China's foreign trade with APEC economies amounted to $3.74 trillion in 2022, representing 59.7 percent of the country's total import and export value. The nation's top 10 trading partners include eight APEC economies, the ministry said.

China is also the largest trading partner of 13 APEC economies, while 15 APEC economies have signed free trade agreements with it.

Foreign direct investment from APEC economies utilized by China accounted for 86.6 percent of the country's total FDI in 2022, while five APEC economies were listed among the top 10 sources of foreign investment, according to the ministry.

Wang said that APEC should uphold the central role of the Free Trade Area of the Asia-Pacific. The Regional Comprehensive Economic Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership are the two possible paths for the free trade area that have been jointly determined by APEC leaders, he said, adding that it is essential to adhere to openness, inclusiveness and continuously advance the expansion process to benefit more economies.

Underlining that development should be prioritized, taking full account of the interests of developing economies, Wang said that China is willing to enhance practical cooperation in the digital economy and green growth with more APEC economies.

As the International Monetary Fund has revised upward its growth projection for the Chinese economy in 2023, raising it from 5 percent to 5.4 percent, Wang said that China will further expand high-level opening-up, share development opportunities of its vast market with APEC economies and the world, and jointly promote high-quality development and prosperity.

Echoing that sentiment, Robert Yap, executive chairman of YCH Group — a Singapore-based logistics conglomerate — said the company will provide more supply chain solutions in the Asia-Pacific region to become a vital connecting point for China's regional trade and supply chains.

YCH Group, which operates in over 100 cities across the Asia-Pacific region, announced two strategic partnerships with Chinese firms during the sixth China International Import Expo in Shanghai earlier this month.

"These collaborative endeavors transcend traditional business ventures, offering innovative solutions to surmount the operational challenges of international business expansion, while providing substantial benefits to Chinese companies seeking market expansion into member countries of the Association of Southeast Asian Nations," Yap said.

Zhang Jianping, deputy director of the academic committee of the China Academy of International Trade and Economic Cooperation in Beijing, said that in addition to opposing trade containment and bullying, China has actively championed multilateralism through the APEC platform, aiming to facilitate the cross-border flow of goods and enhance scientific and technological innovation as well as cooperation for economic synergy.