Asia House’s Post

The Asia-Pacific Economic Cooperation (APEC) forum in Peru arrives at a pivotal moment marked by significant geopolitical shifts and economic uncertainties. At GZERO Media, I explore what we can expect from APEC 2024:https://lnkd.in/dcjz997z #APEC2024 #AsiaPacific #GlobalEconomy #Geopolitics

Peru is hosting the 2024 Leaders' Summit of the APEC - Asia-Pacific Economic Cooperation Forum right now. The first time was in 2008 and the second in 2016. This time, Peruvian President Dina Boluarte is receiving the Sultan of Brunei (His Majesty Hassanal Bolkiah), the presidents of the United States and China (Joe Biden and Xi Jinping), Vietnam and South Korea (Luong Cuong and Yoon Suk-Yeol), Chile and Indonesia (Gabriel Boric and Prabowo Subianto), the prime ministers of Malaysia and Singapore (Datuk Seri Anwar Ibrahim and Lawrence Wong), Thailand and Australia (Paetongtarn Shinawatra and Anthony Albanese), Japan and Canada (Shigeru Ishiba and Justin Trudeau), the prime minister of New Zealand (Christopher Luxon) and the Chief Executive of Hong Kong (John Lee). The heads of government of Russia, Mexico, Taiwan, the Philippines and Papua New Guinea will not be present. The main objective of APEC, made up of 21 economies, is to facilitate economic growth, technical and economic cooperation, and the facilitation and liberalization of trade and investment in the Asia-Pacific region. Peru has been an active member since 1998. https://lnkd.in/dgAZyWSU

Peruvian presidency Peru’s APEC Senior Official Renato Reyes said his country has hosted more than 270 APEC events during the country’s presidency in the organization in 2024. Around 20 more are scheduled to take place this week. The group’s participants adopted 15 documents this year, with four more expected to be signed later this week. Also, a joint statement by APEC foreign and economic ministers and the final declaration of APEC leaders are scheduled for adoption during the upcoming summit. About APEC APEC is a regional intergovernmental forum that was established in 1989. Its main objectives are to strengthen economic integration, expand trade, and increase employment in the region. APEC comprises 19 economies and two Chinese territories - Hong Kong and Taiwan, therefore APEC members are usually referred to as "economies." The secretariat, headquartered in Singapore, performs administrative and technical functions. Russia joined APEC in 1998. (Part Two, The End) #business #finance #financialservices

I meant to share this sooner, but it was an exciting journey to support the Secretary-General of ASEAN, H.E. Dr. Kao Kim Hourn, at the APEC Ministerial Meeting in Lima, Peru, on 14 November 2024! From the moment SG Dr. Kao touched down on 13 November, the pace was set for meaningful diplomacy. In a bilateral meeting with Peru’s Minister of Foreign Affairs, H.E. Elmer Schialer, ideas flowed on how ASEAN and Peru can elevate their cooperation to new heights. Later, in discussions with WTO Deputy Director-General, Ms. Angela Ellard, there was a productive exchange on pressing challenges in global trade, the WTO reform process, and Timor-Leste’s exciting journey as the WTO’s newest member—paving the way for its eventual integration into ASEAN. At the APEC Ministerial Conference itself, SG Dr. Kao highlighted the role of innovation and digitalisation as game-changers for transitioning to the formal economy and achieving sustainable, resilient development. His interventions at the Meeting also spotlighted how ASEAN’s RCEP and APEC’s FTAAP complement each other, serving as vital platforms for inclusive and interconnected growth. APEC continues to be a vital platform for ASEAN to engage and cooperate with the wider Asia-Pacific economies. It serves as an avenue to share information on the latest regional trends and developments, exchange best practices to advance economic and structural reforms, and collectively address pressing global challenges. Such collaboration underscores the importance of fostering synergies between ASEAN and APEC initiatives to create a more interconnected and resilient region. The APEC Ministerial Meeting was part of the 2024 APEC Economic Leaders' Week that was held from 9 to 16 November 2024. The ASEAN Secretariat is one of the three observers in APEC, along with the Pacific Economic Cooperation (PECC) and the Pacific Islands Forum (PIF) Secretariat. https://lnkd.in/gUV-pQhk

My recent World Economy Brief (WEB) article, "Australians’ Perceptions of Economic Security and Implications for Korea-Australia Cooperation", discusses how Australian voters interpret current economic uncertainties regarding supply chain fragmentation. I introduce Australia's policy reactions, including Future Made in Australia, Digital Economy Strategy, and Critical Minerals Strategy. Implications for Korea-Australia Cooperation are discussed based on my team's government research project last year, "Australia’s Medium- to Long-term Trade Strategies and Korea-Australia Cooperation Plans". https://lnkd.in/g7eVn7hA

Peru's Foreign Affairs Minister Elmer Schialer has announced that the APEC 2024 forum hosted by Peru will solidify the country's strategic positioning within the Asia-Pacific region, enhancing both political and economic ties. Schialer emphasized that the participation of nearly all leaders from APEC economies, along with over 900 business representatives attending the CEO Summit, demonstrates the success of Peru's pro-tempore presidency of the forum. "APEC member economies and the private sector in Asia-Pacific have welcomed the substantive thematic agenda that Peru has put forward for its presidency," Schialer stated in an interview with the Lima Chamber of Commerce (CCL) magazine. He highlighted the successful diplomacy efforts that have helped bridge differences among member economies and restore consensus as a guiding principle in APEC discussions. Schialer noted that being part of APEC presents a significant opportunity for Peru, as the Asia-Pacific region plays a crucial role in global trade, economic growth, and connectivity. Hosting APEC is seen as a "very important and transcendent showcase for the country's interests," providing a positive image alongside favorable economic projections. The Ministry of Economy and Finance anticipates a growth rate of 3.2% for Peru in 2024-2025, followed by 3.0% from 2026-2028. The minister also pointed out that APEC membership has been instrumental in securing 14 free trade agreements (FTAs) for Peru with other economies in the region. Notably, investments from China are expected to reach around US$4 billion in the medium term, while the United States is projected to invest approximately US$3 billion. This influx of investment will support various sectors, including mining, mass transportation, urban mobility, and renewable energy. In addition to investments from China, Schialer mentioned that investors from Malaysia, Korea, and Vietnam are also looking to establish trade ties with Peruvian entrepreneurs. This marks Peru's third time hosting APEC, having previously done so in 2008 and 2016.APEC comprises 21 leading economies: Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam. Together, these economies account for 62% of global GDP and 48% of international trade in goods and services. Peru aims to build on past successes while addressing contemporary challenges through collaboration and dialogue among member economies.

APEC (Asia-Pacific Economic Cooperation) plays a vital role in promoting globalization and economic growth among its 21 member economies. Amid rising US-China tensions, APEC provides a crucial platform for dialogue, fostering trade, collaboration, and sustainable development across the Asia-Pacific, despite geopolitical challenges.

Since we live in an era of economic globalization and international cooperation, which demands a fair, free, transparent and equitable world order, maintaining a balance between competition and cooperation is essential for the future bilateral relations between the USA and China in politics, economy, and technology. The recent meeting between US President Joe Biden and Chinese President Xi Jinping at APEC clearly reflected China’s willingness to work with President-elect Trump, which is a positive sign for both countries and the global economy. Moreover, global interdependence requires healthy competition and cooperation, rather than economic protectionism, isolation and the unilateral imposition of socio-economic, investment, technology and industrial measures. Meaningful engagement, constant negotiations, political consultations, economic cooperation and diplomatic sustainability should be the way forward under Trump’s presidency.

++ President Cyril Ramaphosa Champions Stronger South Africa-China Economic Ties at Business Forum ++ In a keynote address at the Africa-China Business Forum held in China, South African President Cyril Ramaphosa highlighted the critical importance of strengthening trade and investment ties between South Africa and China. The forum, hosted on the sidelines of the Forum on China-Africa Cooperation (FOCAC) summit and a State Visit, provided an opportunity for business leaders and policymakers to discuss avenues for collaboration in key sectors. President Ramaphosa emphasized South Africa’s diversified and advanced economy, underlining its strategic position as a gateway for Chinese companies looking to expand into the African continent. He noted that China remains South Africa’s largest trading partner, with bilateral trade growing by a third since 2019. South Africa primarily exports minerals and agricultural products to China while importing mainly manufactured goods. #techafricanews #africa #southafrica #advanced #economy #collaboration #cooperation #key #sectors