Asia-Pacific Economic Cooperation summit 2022 – APEC Economic Leaders’ Declaration

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Asia-Pacific Economic Cooperation summit, 2022 APEC Economic Leaders’ Declaration

The Russia, 20 November 2022

Following the Asia-Pacific Economic Cooperation summit, 2022 APEC Economic Leaders’ Declaration and Bangkok Goals on Bio-Circular-Green (BCG) Economy were adopted.

  1. We, the Economic Leaders of APEC, met in-person for the first time in four years in
    Bangkok on 18-19 November 2022. We continue the implementation of the APEC
    Putrajaya Vision 2040, including through the Aotearoa Plan of Action. This year, under
    the APEC theme “Open. Connect. Balance.”, we advance work through three priorities:
    to be open to all opportunities, connected in all dimensions, and balanced in all aspects,
    to advance long-term robust, innovative and inclusive economic growth as well as
    sustainability objectives in the Asia-Pacific region.
  2. We have been intensifying our efforts in responding to the COVID-19 pandemic and
    mitigating its impact on our people and economies to promote health and wellbeing, as
    well as improving the overall standard of living for all.
  3. This year, we have also witnessed the war in Ukraine further adversely impact the global
    economy. There was a discussion on the issue. We reiterated our positions as expressed
    in other fora, including the UN Security Council and the UN General Assembly, which,
    in Resolution No. ES-11/1 dated 2 March 2022, as adopted by majority vote (141 votes
    for, 5 against, 35 abstentions, 12 absent) deplores in the strongest terms the aggression
    by the Russian Federation against Ukraine and demands its complete and unconditional
    withdrawal from the territory of Ukraine. Most members strongly condemned the war
    in Ukraine and stressed it is causing immense human suffering and exacerbating existing
    fragilities in the global economy – constraining growth, increasing inflation, disrupting
    supply chains, heightening energy and food insecurity, and elevating financial stability
    risks. There were other views and different assessments of the situation and sanctions.
    Recognising that APEC is not the forum to resolve security issues, we acknowledge that
    security issues can have significant consequences for the global economy.
  4. We reaffirm our commitment to realise the APEC Putrajaya Vision of an open, dynamic,
    resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our
    people and future generations. We will continue to promote efforts to strengthen APEC’s
    leadership and standing as the premier economic forum of the Asia-Pacific, as well as a
    modern, efficient and effective incubator of ideas. APEC’s cooperation will contribute
    to practical solutions for common challenges and complement global efforts including
    the UN 2030 Agenda for Sustainable Development. To that end, we resolve to build
    momentum of the work carried out in 2022 and coordinate our APEC-wide actions on
    sustainability through the Bangkok Goals on Bio-Circular-Green (BCG) Economy.
  5. Trade and investment play a critical and indispensable role in enhancing the prosperity
    of our people by assisting with global challenges and can open up opportunities that
    offer tangible benefits. We underscore the importance of international trade and the
    World Trade Organization (WTO) in facilitating global economic recovery, growth,
    prosperity, alleviation of poverty, the welfare of all people, sustainable development,
    and facilitating cooperation in relation to the protection and conservation of the
  • 2 –
    environment. We reaffirm our determination to deliver a free, open, fair, nondiscriminatory, transparent, inclusive and predictable trade and investment environment.
    We will continue to work to ensure a level playing field to foster a favourable trade and
    investment environment and reaffirm our commitment to keep markets open and to
    address supply chain disruptions.
  1. We welcome the successful outcomes of the Twelfth WTO Ministerial Conference
    (MC12) and are determined to uphold and further strengthen the rules-based multilateral
    trading system, with the WTO at its core. We look forward to the early and effective
    implementation of the MC12 outcomes. We will cooperate in the WTO to continue to
    support its necessary reform to improve all its functions, in order to ensure that it can
    better address existing and emerging global trade challenges. We commit to working
    together with a view to achieving meaningful progress by the Thirteenth WTO
    Ministerial Conference.
  2. Recognising the useful contributions of the Lima Declaration and the Beijing Roadmap
    on progressing the Free Trade Area of the Asia-Pacific (FTAAP) agenda, we welcome
    the advancement of this agenda this year through a refreshed conversation on the
    FTAAP in the COVID-19 pandemic and beyond. We will continue to build on this
    momentum towards high quality and comprehensive regional undertakings through the
    FTAAP Agenda Work Plan. We task officials to report progress in carrying out the Work
    Plan to the AMM in the following years. At the same time, we will further strengthen
    our engagement with stakeholders, including the APEC Business Advisory Council
    (ABAC) and increase public-private sector dialogues. We note with appreciation of
    ABAC’s recommendations in advancing the FTAAP Work Programs. We commend the
    public and private sector collaboration between the Ministers Responsible for Trade
    (MRT) and ABAC, which underscores APEC’s emphasis on advancing an inclusive
    economic development. We will also continue our efforts in capacity building to
    improve trade negotiation skills of economies.
  3. In order to achieve post-COVID-19 economic recovery, it is our priority to drive growthfocused structural reform that is designed to be inclusive, sustainable, and innovationfriendly. This includes fostering an enabling environment for businesses of all types,
    particularly micro, small and medium-sized enterprises (MSMEs) and start-ups, and
    collaborating to improve opportunities for them to be competitive, specialised,
    innovative, and expand into the international markets. We reaffirm our commitment to
    the Enhanced APEC Agenda for Structural Reform (EAASR) and endeavour to make
    collective and individual progress, including on the ease of doing business.
  4. Furthermore, we recognise the urgency of enhancing the competitiveness of the services
    sector, especially travel, transport, and other services that have been hit hardest by the
    COVID-19 pandemic. We reiterate our commitment to accelerate work in response to
    the APEC Services Competitiveness Roadmap (ASCR) Mid-Term Review, with the aim
    to fully implement the ASCR by 2025. By increasing APEC’s global share of trade in
    services, we will be able to inject dynamism in our economy and underpin APEC’s
    position as the world’s growth engine.
  • 3 –
  1. Macroeconomic and structural policies are vital to tackling rising inflation, ushering in
    sustained economic recovery, and raising living standards in the region. We reaffirm the
    importance of sustainable financing, capacity building, and technical assistance for
    innovation and growth as well as for addressing all environmental challenges, including
    climate change. We will continue to advance digital tools to facilitate economic
    activities and the provision of public services, including the delivery of assistance and
    stimulus packages to the people, and to drive financial inclusion.
  2. We commend APEC’s work on safe passage, including under the Safe Passage
    Taskforce. We will further our cooperation to promote safe and seamless cross-border
    travel within our region as we emerge from the COVID-19 pandemic, including for
    essential workforces, including air and maritime crew, as well as improve infrastructure
    and tools, such as the interoperability of vaccination certificates and ensuring the APEC
    Business Travel Card (ABTC) is inclusive.
  3. We reaffirm our commitment to enhance an open and interconnected Asia-Pacific
    region, including through the implementation of the APEC Connectivity Blueprint
    (2015-2025). We will strengthen physical, institutional and people-to-people
    connectivity as well as take advantage of digital connectivity, and will intensify efforts
    to promote regional, sub-regional and remote area connectivity through quality
    infrastructure development and investment. We will promote regenerative tourism that
    is sustainable, inclusive and resilient, and to connect the entire tourism eco-system. We
    support efforts to foster open, secure and resilient supply chains, enhance supply chain
    connectivity and minimise supply chain disruptions. We encourage economies to
    continue efforts to remove barriers to logistics-related services. We welcome the
    endorsement of Phase Three of the Supply Chain Connectivity Framework Action Plan
    by the APEC Ministers.
  4. Digital technology and innovation have a greater role to play in advancing inclusive and
    sustainable growth, improving access to services as well as opportunities to generate
    income and better the livelihoods of our people, including by encouraging the transition
    of economic actors from the informal to the formal economy. We will deepen
    cooperation to bridge digital divides between and within economies, including on
    facilitating access to digital infrastructure and supporting development of digital skills
    and digital literacy. We will cooperate on facilitating the flow of data, and strengthening
    business and consumer trust in digital transactions.
  5. We recognise the power of digital transformation in facilitating and reducing barriers to
    trade and unlocking exponential growth, including through nurturing the interoperability
    of digital systems and tools across the region. We encourage APEC to incubate more
    cutting-edge and comprehensive cooperation initiatives on digital economy. We will,
    therefore, accelerate the implementation of the APEC Internet and Digital Economy
    Roadmap (AIDER) to harness new and emerging technologies and the full potential of
    our society as well as create an enabling, inclusive, open, fair and non-discriminatory
    digital ecosystem for businesses and consumers.
  • 4 –
  1. We affirm our commitment to promote strong, balanced, secure, sustainable and
    inclusive growth. We recognise that more intensive efforts are needed to address today’s
    challenges, including climate change, extreme weather and natural disasters, food
    security, and sustainable energy transitions that reduce greenhouse gas emissions, while
    ensuring energy resilience, access and security in the region, including by facilitating
    investments in relevant activities. We recall our commitment to rationalise and phase
    out inefficient fossil fuel subsidies that encourage wasteful consumption, while
    recognising the importance of providing those in need with essential energy services. To
    reach this goal, we will continue our efforts in an accelerated manner. We will also
    continue to take concrete steps to implement the APEC Roadmap on Combatting Illegal,
    Unreported and Unregulated (IUU) Fishing and the APEC Roadmap on Marine Debris.
    To this end, we will expedite efforts to promote economic policies, cooperation and
    growth which support global actions to comprehensively address all environmental
    challenges and call for deepened collaboration with stakeholders to make substantive
  2. We endorse the Bangkok Goals on the Bio-Circular-Green (BCG) Economy as a
    comprehensive framework to further APEC’s sustainability objectives. We will advance
    the Bangkok Goals in a bold, responsive and comprehensive manner, building upon
    existing commitments and workstreams as well as considering new aspirational ones.
    We also welcome the launch of the APEC BCG Award this year to recognise the
    achievements of sustainability in the region.
  3. We continue to mobilise our resources to combat the COVID-19 pandemic and reinforce
    our systems to prevent and prepare for, and respond to future health threats. We are
    determined to ensure extensive immunisation of our people against COVID-19 as a
    global public good. It is imperative that we further strengthen the public health
    workforce, acknowledging their tremendous contributions to protecting our people’s
    lives and safeguarding their health. We should continue our efforts to improve digital
    solutions and access to health services, and strengthen health systems with a view to
    achieving universal health coverage.
  4. We pledge to expedite and intensify our work to promote agricultural development,
    including in rural areas, and promote long-term food security by ensuring our
    agricultural and food systems are more resilient, productive, innovative and sustainable,
    strengthening global food supply chains, and reducing food loss and waste. We also
    reaffirm our commitment to work towards the sustainable resource management of
    agriculture, forestry and marine resources and fisheries. We welcome the
    Implementation Plan of the Food Security Roadmap Towards 2030 as a pathway to
    achieve sufficient, safe, nutritious, accessible and affordable food for all.
  • 5 –
  1. Recognising that long-term economic growth can only be achieved through realising the
    full potential of our society, we welcome the continued efforts to use a gender
    mainstreaming approach in relevant APEC processes and accelerate the full
    implementation of the La Serena Roadmap for Women and Inclusive Growth (2019 –
    2030). We are committed to building an environment where all, including MSMEs and
    women, are empowered to access economic opportunities and contribute to and benefit
    from our economy. Building on these initiatives, we encourage further efforts to expand
    APEC’s work with other groups with untapped economic potential, such as Indigenous
    Peoples as appropriate, people with disabilities, and those from remote and rural
    communities, while also promoting the role of youth in advancing inclusive and
    sustainable economic growth. We will place a special emphasis on human resource
    development, particularly access to resources, reskilling, upskilling, lifelong learning,
    and other support, to advance employment and decent work for all as well as enable our
    workforce to participate and lead in the digital and green economies.
  2. Recognising the detrimental impact of corruption on economic growth and development,
    we are committed to taking practical actions and a united approach, to jointly fight crossborder corruption and deny safe haven to corruption offenders and their illicit assets.
  3. We reiterate our commitment to expedite the realisation of the APEC Putrajaya Vision
    2040, including through the Aotearoa Plan of Action. In this endeavour, we will improve
    APEC’s governance and organisational structure, with a view to efficiently and
    effectively delivering upon all elements of the APEC Putrajaya Vision 2040 and deepen
    engagement with stakeholders, including the ABAC, and international and regional
  4. We welcome the outcomes of the 2022 APEC Ministerial Meeting as well as the 2022
    Sectoral Ministerial Meetings for Trade, Tourism, Health, Forestry, Food Security,
    Women and the Economy, Small and Medium Enterprises, and Finance.
  5. We thank Thailand for hosting APEC in 2022, and we look forward to APEC 2023,
    which will be hosted by the United States of America. We also welcome Peru and the
    Republic of Korea as hosts of APEC 2024 and 2025, respectively.

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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