Ensure economic progress equitable, inclusive: Apec stakeholders

SINGAPORE (Bernama) – Apec is intent on ensuring that its capacity building efforts better enable member economies to realise free trade and investment while promoting inclusive growth that benefits the small businesses and people of the region.

Stakeholders worked to identify avenues for this during a two-day dialogue here on laying pathways for resilient and inclusive growth organised by the Pacific Economic Cooperation Council, an official observer of Apec.

In remarks to delegates via teleconference, Indonesia’s Tourism and Creative Economy Minister Mari Pangestu described the trends that are guiding the region’s ability to liberalise trade and address facilitation.

“The way we do trade has changed tremendously with the fragmenting of production and the global value chain which elevates the need to address supply constraints and improve goods and services access.  “This is encouraging us to expand our work to reduce tariffs and impediments at-the-border to include more focus on behind-the-border measures, and explore how we can make capacity building more integrated and effective,” Pangestu said.

Since 1994, Apec leaders have embraced capacity building and continue to guide the region’s officials in implementing an economic and technicalcooperation regime to meet the needs of the global economy.

This has shaped the way trade agreements seek to incorporate capacity building components, noted Pangestu. In total, Apec has administered more than 2,000 projects valued at $140 million. With the goal to promote sustainable growth with equity, APEC aims to help the people of the region reach their full potential.