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Asia-Pacific Economic Cooperation

APEC Must Uphold Multilateralism and Cooperation to Boost Shared Prosperity in Asia-Pacific Region

Strategic Insights

— 2 min read

Asia-Pacific Economic Cooperation (APEC) has a crucial role to play in promoting economic cooperation and shared prosperity in the region by upholding multilateralism and working together on climate action, supply chain stability, and digital standards, according to Ban Ki-moon, chairman of the Boao Forum for Asia and former UN secretary-general. As the 32nd APEC Economic Leaders' Meeting in Gyeongju approaches, Ban expressed hope for practical, forward-looking results that will inject fresh momentum into global development and cooperation. With South Korea hosting the meeting for the first time in 20 years, APEC has served as an essential platform for regional economic cooperation since its founding in 1989, promoting free and open trade and investment, empowering developing economies, and supporting sustainable growth.

Key Takeaways:

  • Ban Ki-moon emphasized the importance of multilateralism for building a more peaceful, just, and sustainable future, warning that it is under increasing pressure.
  • The Chinese President Xi Jinping's Global Governance Initiative upholds fairness, inclusiveness, and respect for sovereignty, promotes multipolarity and partnerships, and highlights cooperation on global challenges such as climate change, food security, digital transformation, and public health.
  • The initiative complements the UN80 Initiative, and combining the two can help strengthen the legitimacy of the multilateral system, better mobilize resources, technology, and political will, and bridge the gap between developed and developing countries.
  • Ban Ki-moon praised China's role in defending multilateralism and advancing global governance reform, citing its efforts in promoting South-South cooperation, advancing the Belt and Road Initiative, and actively participating in peacekeeping missions.
  • China's continued investment in renewable energy, technological innovation, and public health cooperation has enabled the provision of global public goods, demonstrating the truth that only by working together can the world overcome challenges.
  • The 32nd APEC Economic Leaders' Meeting in Gyeongju will be a crucial opportunity to produce practical, forward-looking results and inject fresh momentum into global development and cooperation.

Statistics:

  • APEC was founded in 1989, making it a 36-year-old regional economic cooperation platform.
  • The meeting marks the first time in 20 years that South Korea is hosting the APEC Economic Leaders' Meeting.
  • The APEC region is home to over 2 billion people, accounting for approximately 40% of the world's population.
  • The world is celebrating the 80th anniversary of the United Nations this year, and China's Global Governance Initiative complements the UN80 Initiative.

Sources:

  • "Asia-Pacific Economic Cooperation should lead economic cooperation and shared prosperity in the region by upholding multilateralism and working together on climate action, supply chain stability and digital standards, Ban Ki-moon, chairman of the Boao Forum for Asia and former UN secretary-general, has said." (Xinhua via COMTEX)
  • "Ban said Chinese President Xi Jinping's Global Governance Initiative, proposed at the Shanghai Cooperation Organization summit in Tianjin this year, came at the right moment, noting that the initiative upholds fairness, inclusiveness and respect for sovereignty, promotes multipolarity and partnerships, and highlights cooperation on global challenges such as climate change, food security, digital transformation and public health." (Xinhua via COMTEX)
  • "Ban Ki-moon praised China's role in defending multilateralism and advancing global governance reform, citing its efforts in promoting South-South cooperation, advancing the Belt and Road Initiative, and actively participating in peacekeeping missions." (Xinhua via COMTEX)

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