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Economic growth

APEC Plays Crucial Role in Sustaining Inclusive Global Economic Growth

Strategic Insights

— 2 min read

President Ferdinand Marcos Jr. emphasized the importance of Asia-Pacific Economic Cooperation (APEC) in fostering inclusive global economic growth through joint initiatives on the digital economy, food security, and empowerment of marginalized communities. He cited the potential of the digital economy in enhancing the competitiveness of micro, small, and medium enterprises (MSMEs) and called for international cooperation to harness the advantages of digitalization and artificial intelligence.

Key Takeaways:

  • President Marcos highlighted the need for international initiatives to streamline rules, invest in digital infrastructure, and equip MSMEs and the workforce with skills and tools to compete globally.
  • He emphasized the importance of cooperation, regulatory transparency, and capacity building to ensure that the benefits of growth extend to all sectors, powered by digital transformation and the responsible use of AI.
  • The "Incheon Plan" approved by APEC Finance Ministers' Process addresses emerging challenges through adaptive fiscal policies, strengthened climate resilience mechanisms, and modernized regulatory frameworks to foster innovation and digital transformation.
  • The Philippines is ready to support regional integration and innovation, which can help combat climate change by highlighting initiatives from the private sector.
  • Marcos called on APEC members to complete negotiations on the Fisheries Subsidies Agreement, and collaborate with the APEC Business Advisory Council to develop frameworks addressing gaps in infrastructure investment for energy security, energy transition, and digital transformation.
  • Joint initiatives between the public and private sector can enhance the competitiveness of women and children by eliminating gender gaps, with empowering women potentially adding up to $28 trillion to global GDP.
  • The private sector can play a crucial role in policy advocacy, cross-border standardization, and creating a sustainable future through technology development, supporting startups, and embedding sustainability.
  • Marcos invited private sector participants to invest in the Philippines, citing its business-friendly reforms, growing free trade agreements, and ongoing FTA negotiations with the European Union, Chile, and potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Statistics:

  • Potential addition of $28 trillion to global GDP by empowering women to participate fully in the economy.
  • Target of $2 trillion by 2030 in the Asean Digital Economy framework agreement.
  • Ongoing FTA negotiations with the European Union, Chile, and potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
  • Philippines' readiness to host the 2026 Asean Summit and sign the Asean Digital Economy framework agreement.

Sources:

  • APEC (no date).
  • President Ferdinand Marcos Jr.'s speech at the APEC Economic Leaders' Meeting informal dialogue on Friday.
  • Marcos' keynote speech at the APEC CEO Summit on Friday.
  • Republic Act (RA) No. 11966 or Public-Private Partnership Code.
  • RA 12252 or the 'Investors' Lease Act; RA 12253 or the 'Enhanced Fiscal Regime for Large-Scale Metallic Mining Act.'

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