Lima APEC expected to advance regional economic integration

COMMITMENT TO CONNECTIVITY

Over the years, the APEC member economies have placed more and more emphasis on connectivity that is so crucial to a seamlessly integrated community.

It has become the aspiration of many economies to improve connectivity, and has been written into development strategies both at the national and regional levels, including the ASEAN Economic Community Blueprint 2025, Tang said.

The APEC Connectivity Blueprint for 2015-2025 was approved in Beijing and promises tangible action on physical, institutional and people-to-people connectivity.

"Consensus is being turned into concrete action. This year's meeting will continue implementation of the blueprint," said Nankai's Liu Chenyang.

Road, rail and energy projects are already underway across the region. Trade and customs clearance are being facilitated, standards harmonized, and areas like education and tourism are bringing people closer together in other ways.

Ports in nine APEC members, including Australia, Canada and China, have joined together in developing the Asia-Pacific Model E-port Network, also approved by APEC leaders in 2014.

China's contributions to all these achievements cannot be overlooked, Wu Hongying said.

The Belt and Road Initiative, with a focus on connectivity, has been aligned with many regional and national development strategies, producing more and more results. More than 100 countries and international organizations are now involved, and a number of projects are already under construction, such as the Jakarta-Bandung high-speed railway in Indonesia.

The Asian Infrastructure Investment Bank has approved loans to six infrastructure projects since it started operating in January and the Silk Road Fund has issued its first round of investment.

"With improvements in mechanisms and increased sources of funding, the region is expecting more progress," Liu Chenyang said.

There is now a call for making connectivity a new pillar of APEC, once it meets the targets of free, open trade and investment for all by 2020, Liu said.