APEC achieves agreement on free trade in the Pacific and the effects of the Ukraine war
APEC achieves agreement on free trade in the Pacific and the effects of the Ukraine war
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Bangkok: The leaders of the 21 economies that make up the Asia Pacific Economic Cooperation issued a joint statement on the war in Ukraine, which has left the grouping deeply divided throughout the year, as the summit ended on Saturday.

As chairman of this year's summit, Thai Prime Minister Prayuth Chan-ocha declared, "It should be considered a joint success of all APEC economies and all who attended this meeting."

The group, which includes the United States, China and Russia, was thought to have little chance of success simply by making statements.

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The result on Saturday was a relief to hosts and APEC supporters as it demonstrated that such structures could still work in a divided world.

According to Prayuth, everyone wants to work to support the development and future of the Asia-Pacific region despite changes in the global situation.

The negative effects of the Ukraine war on the global economy, including inflation and slowing growth, food and energy insecurity, supply chain disruptions and financial risks, were acknowledged by the leaders.

Citing earlier UN resolutions, the group was able to condemn Russia's aggression and more covertly sought an end to the conflict.

Following the COVID-19 crisis, the leaders agreed on an action plan to advance discussions on the Asia-Pacific Free Trade Area, building on existing agreements in the region and enhancing economic integration.

The Safe Passage Task Force's efforts to resume cross-border travel and guarantee that vaccination certificates will be honored by all member economies received summit support.

It was important for Thailand to adopt the Bangkok targets on the Bio-Circular-Green (BCG) economy. The document codifies sustainability into the main agenda of the APEC Forum, with members agreeing to cooperate on climate change mitigation, sustainable trade and investment, environmental protection and waste management.

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Although the leaders were expected to unanimously support the Bangkok goals, the joint declaration came as a last-minute breakthrough.

Although the statement acknowledged that "there were other views and different assessments of the situation and sanctions," it added that "the majority of members strongly condemned the war in Ukraine." This is a reprint of a statement issued by APEC ministers the day before.

The US, Canada, Australia, New Zealand and Japan, members of the advanced economies, have insisted on a line condemning Russia's war, arguing that the group cannot address inflation and its impact on the global economy without recognizing the root cause. can do.

“We have worked hard on the economic outcomes for the region to be very clear throughout the year in the context of APEC,” said Matt Murray, a senior APEC US official. Even representatives of Papua New Guinea this week spoke out against the invasion and its effects on the world economy.


Prior to the summit, not a single ministerial meeting had resulted in a joint statement. The standoff between the foreign and economic ministers ended in Bangkok on Friday. Thai officials claim that the language used in the Group of 20 summit declaration on Ukraine served as a model for APEC's language.

Saturday's final statement reflects the position of most Asian countries, which prefer to maintain the APEC forum's neutrality while emphasizing economic development over geopolitics.

"We acknowledge that security issues can have significant consequences for the global economy, while also acknowledging that APEC is not the forum for resolving security issues," the release said.

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United States Vice President Kamala Harris was handed over the APEC chairmanship by Prayuth on Saturday. Besides pushing the Indo-Pacific Economic Framework for free and fair trade, which includes 10 other APEC members, the US will host the summits in 2023.

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