“Asia-Pacific cooperation is confronted with challenges such as rising tendencies of geopolitics, unilateralism and protectionism,” cautioned Chinese President Xi Jinping in his speech titled Shouldering Responsibility to Our Times and Jointly Promoting Asia-Pacific Development at the 31st APEC Economic Leaders’ Meeting held in Lima, capital of Peru, on November 16.
Xi put forward three proposals to address the challenges. First, Asia-Pacific countries should remain “committed to multilateralism and an open economy” with the World Trade Organization at the core of the multilateral trading system to “build an open and interconnected paradigm for Asia-Pacific cooperation.” Second, the region needs to “push forward coordinated digital and green transformation and development.” Third, APEC should serve as a platform where countries “work together to grow the pie and distribute it equitably to allow more economies and people to benefit from development.” Xi expressed support for Peru’s promotion of cooperation on the transition from the informal economy to the formal and global economy. He also reiterated the commitment to deepening reform and opening-up of China.
The meeting passed the 2024 APEC Leaders’ Machu Picchu Declaration, the Lima Roadmap to Promote the Transition to the Formal and Global Economies (2025- 2040) and the Ichma Statement on a New Look at the Free Trade Area of the Asia-Pacific Agenda. The documents focus on areas where countries in the region will make efforts to achieve “strong, balanced, secure, sustainable and inclusive growth” through advancing regional economic integration and participation in the global economy. The next actions to push forward the Free Trade Area of the Asia-Pacific (FTAAP) agenda, which was proposed 20 years ago, are specified, including updated guiding elements, research on emerging topics such as supply chain resilience, and the reporting mechanism. The countries also pledged to enhance cooperation on an array of other issues, including food security, energy security and climate change.
The same day, on the sidelines of the APEC meeting, Chinese President Xi Jinping met with US President Joe Biden. Xi said China-US relations over the past four years have gone through ups and downs, but under the joint stewardship of the two presidents, the two sides have also engaged in fruitful dialogue and cooperation, and the relationship has remained stable on the whole. Xi noted the recent US election, and stressed that China’s goal of a stable, healthy and sustainable China-US relationship remains unchanged. The White House said the two leaders had “a candid, constructive discussion on a range of bilateral, regional and global issues” and “stressed the importance of responsibly managing competitive aspects of the relationship.”
During discussions on the fight against poverty and hunger at the first session of the 19th G20 Summit in Rio de Janeiro, Brazil on November 18, Xi outlined eight actions by China to support global development, including implementation of the Belt and Road Initiative and the Global Development Initiative, and G20 cooperation on Global South development. He announced zero-tariff treatment for all imports from all least developed countries with diplomatic relations with China. At the second session, Xi called for reforms to global economic, financial, trade, digital, ecological and security governance to promote “an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization.”
A G20 Leaders’ Declaration was released on November 19, calling for urgent actions to address major geopolitical, socioeconomic and climate and environmental challenges and crises.
Xi also paid a state visit to Peru and Brazil and met with leaders of other countries on the sidelines of the two summits.
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