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Rules-based trading ensures economic resilience: His Majesty

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam said that to build inclusive and resilient economies, APEC must continue advocating for a rules-based multilateral trading system that ensures equal opportunities and fair competition.

His Majesty said this during a titah at the APEC Economic Leaders’ Retreat (Session II) at the Moscone Center, San Francisco in the United States (US) on Friday.

Accompanying His Majesty was His Royal Highness Prince ‘Abdul Mateen.

The retreat began with opening remarks from US President Joe Biden as the APEC chairman for 2023. He then invited President of Peru Dina Boluarte as incoming chair of the APEC AELM, to deliver her remarks. Peru will host the APEC meet in 2024.

Discussions during the retreat focused on interconnectedness and building inclusive and resilient economies. His Majesty also highlighted the importance of regional economic integration initiatives such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Economic Framework (IPEF) in unlocking the full potential of APEC economies for greater prosperity.

His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam attends the Second Indo-Pacific Economic Framework for Prosperity Leaders’ Meeting. PHOTO: INFOFOTO

In this regard, His Majesty emphasised continued commitment to establishing the Free Trade Area of the Asia Pacific (FTAAP) as a priority within APEC.

His Majesty further recognised APEC’s role as a driving force for innovation as well as the opportunities and risks presented by the rise of artificial intelligence, and underscored the importance of responsible use of technologies and promoting research and development to ensure that APEC continues to be an innovative and forward-looking region in the digital era.

In addition, His Majesty called for engagement with all stakeholders with a focus on youth and micro, small and medium enterprises, and promote their digital skills development to nurture innovation while adopting policies that facilitate international market access which will empower them to compete globally. In this pursuit, His Majesty highlighted that APEC’s role through ECOTECH as an incubator of ideas is vital to the APEC process.

His Majesty concluded by conveying Brunei Darussalam’s full support towards Peru’s chairmanship of APEC next year.

At the conclusion of the AELM, the APEC Leaders’ 2023 Golden Gate Declaration ‘Creating a Resilient and Sustainable Future for All’ was issued.

As part of the outcome of the APEC 2023, a joint statement of Brunei Darussalam, Indonesia, and Malaysia on the occasion of the 30th APEC Economic Leaders’ Meeting (AELM) was also issued.

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