Promoting the principle of multilateralism.

Beyond promoting regional cooperation, the Asia-Pacific Economic Cooperation (APEC) Summit Week, held from November 10 to 16 in Peru, also provided an opportunity to advance multilateral principles.

The APEC 2024 High-Level Week took place in Peru from November 10 to 16.

With the participation of leading global economies such as the US, China, and Japan, APEC today represents approximately 38% of the world's population, contributing up to 62% of global GDP and nearly 50% of global trade.

Over the past 35 years, APEC's founding principles of promoting multilateralism and openness have helped strengthen economic and political ties, fostering regional prosperity.

However, the world is facing many challenges, most notably the rifts in relations between major powers and isolationism. Even within APEC, great power competition and confrontation are leading the US and China to quietly seek ways to decouple their economies.

The Asia-Pacific region cannot develop and prosper if the trend of integration is hampered. This APEC Summit is an opportunity for the region to promote closer and more effective cooperation. That goal can be achieved based on the priorities set by Peru, the host country of APEC 2024.

First and foremost, it involves focusing on strengthening trade and investment towards inclusive and interconnected growth. In this, trade emphasizes openness, freedom, and inclusiveness; and economic growth across multiple sectors of society must be sustainable in the long term.

Next, innovation and digitalization are needed to accelerate the transition to a digital economy. Finally, the focus should be on accelerating the energy transition, including the goal of decarbonizing economic activities and promoting food security.

The past shows that cohesion within APEC is a crucial foundation for the success of member economies. This trend must be further affirmed, and the contribution of the APEC 2024 Summit Week is essential.

Source: https://baoquocte.vn/tuan-le-cap-cao-apec-2024-thuc-day-nguyen-tac-da-phuong-292888.html