Robust trade is vital, Apec says in joint integration pledge

Apec member economies have pledged to strengthen economic cooperation to navigate fast-changing global conditions, capping a two-day meeting in the South Korean city of Gyeongju.

In a joint declaration on Saturday, they warned that the Asia-Pacific region stood at a “pivotal juncture”, and the “global trading system continues to face significant challenges”.

“We reaffirm our shared recognition that robust trade and investment are vital to the growth and prosperity of the Asia-Pacific region, and remain committed to deepening economic cooperation to navigate the evolving global environment,” the members of the Asia-Pacific Economic Cooperation forum said in the declaration.

“We call for strengthened cooperation and concrete actions to enable economic growth that benefits all.”

The pledges come as the multilateral world order appears to be under threat, with various countries resorting to protectionist measures.

According to the declaration, member economies will deepen economic integration in the region and support efforts ensuring the resilience of supply chains, noting that “global supply chains are facing multiple challenges”.