Towards a consolidation of inter-regional diplomacy

Digital economy

Having in mind the current and future developments of digital economy, the APEC Leaders decided to offer some useful guidelines in this field. In their opinion, "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".

Special attention is paid in the Declaration to the impact of digital transformation.The APEC Leaders assert that they " 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'".

Equilibrium in world economy

Under the APEC 2022 already announced theme "Open. Connect. Balance" the APEC Leaders affirm their "commitment to promote strong, balanced, secure, sustainable and inclusive growth". In this respect, they are realistic and " 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".

Recognizing theoretically what is to be done in general is not sufficient.That's why the APEC Leaders recall their "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".

An important practical decision has been announced in the Declaration presented in these pages. APEC endorsed the Bangkok Goals on the Bio-Circular-Green (BCG) Economy as a comprehensive framework to further APEC's sustainability objectives. In this regard, APEC Leaders "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".

Dealing with crises

Having in mind that the COVID-19 pandemic is not over, the APEC Leaders decided to continue to "mobilise resources to combat the COVID-19 pandemic and reinforce existing systems to prevent and prepare for, and respond to future health threats."

A promising announcement was made in this regard.The APEC Leaders are determined to ensure extensive immunisation of their people against COVID-19 as a global public good. It is imperative to further strengthen the public health workforce, acknowledging their tremendous contributions to protecting people's lives and safeguarding their health.Efforts should continue to improve digital solutions and access to health services, and strengthen health systems with a view to achieving universal health coverage.

The APEC Leaders adequately reacted to the threat of food-crisis.They decided to "expedite and intensify the work to promote agricultural development, including in rural areas, and promote long-term food security by ensuring that agricultural and food systems are more resilient, productive, innovative and sustainable, strengthening global food supply chains, and reducing food loss and waste.

Moreover, the APEC Leaders also reaffirmed their "commitment to work towards the sustainable resource management of agriculture, forestry and marine resources and fisheries. They welcomed the Implementation Plan of the Food Security Roadmap Towards 2030 as a pathway to achieve sufficient, safe, nutritious, accessible and affordable food for all.