Collective action can achieve APEC vision: China Daily editorial

At the virtually-held 28th Asia-Pacific Economic Cooperation Economic Leaders' Meeting on Saturday, leaders launched the Aotearoa (New Zealand) Plan of Action toward achieving the Putrajaya Vision 2040 for future cooperation in the Asia-Pacific region.

The APEC Putrajaya Vision 2040, adopted by the APEC leaders last year, set a new mission: to build "an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations". Building on APEC's founding documents, including the 1994 Bogor Goals and the 1995 Osaka Action Agenda, the plan to achieve that vision calls for individual and collective actions based on the three economic drivers of trade and investment; innovation and digitalization; and strong, balanced, secure, sustainable and inclusive growth.

Such a consensus is badly needed at a time when the world is still battling the COVID-19 pandemic and trying to spur an economic recovery.

In a joint declaration, the APEC economic leaders vowed to continue to support global efforts to share vaccines equitably and expand vaccine manufacture and supply through such measures as voluntary transfer of vaccine production and technologies and voluntary reduction of the cost of COVID-19 vaccines and related medical goods.

Their commitment to closer cooperation in this regard sets a good example.

The APEC economies also support the rules-based multilateral trading system, with the World Trade Organization at its core, and pledged to advance economic integration in the region so as to drive the wheels of the global economic recovery.

Home to around 3 billion people and representing about half of global trade and 60 percent of the world's total GDP, APEC economies can inject fresh impetus into a global economic recovery by accelerating the region's economic integration.

As an APEC member, China has always supported regional integration and it is playing an irreplaceable role in promoting regional economic growth as well as the fight against the pandemic.

In the speech he delivered at the meeting via video link, President Xi Jinping emphasized the need to broaden economic cooperation across the Asia-Pacific, and reaffirmed China's commitment to promoting innovation-driven growth, greater connectivity and mutually beneficial cooperation in the region.

Calling openness "the lifeline of Asia-Pacific cooperation", he urged APEC members to uphold open regionalism, follow the guidance of the APEC Vision 2040 in advancing regional economic integration, and work for the early realization of a high-standard Free Trade Area of the Asia-Pacific.

Welcoming APEC initiatives to facilitate the flow of essential goods and people in a safe manner, Xi said that China will continue to provide support to the Sub-Fund for APEC Cooperation on Combating COVID-19 and Economic Recovery with a view to helping member economies recover and grow their economies.

It is through such practical measures that the APEC economies can inject new dynamism into the development and prosperity of the region, which is the most dynamic and promising economic powerhouse globally.