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APEC: Innovation, reform and economic growth

APEC: Innovation, reform and economic growth are mutually reinforcing

Issued by the APEC Senior Officials’ Meeting

Ningbo, China, 27 Feb 2014 - APEC Senior Officials acknowledged on Thursday that the global economy is showing some signs of recovery but at the same time, they recognized that risks and uncertainties still exist and the revival of global economy and healthy economic growth still face challenges.

Taking into consideration the theme of APEC 2014, “Shaping the Future through Asia-Pacific Partnership” and regional economic integration, Senior Officials took a forward-looking approach to their agenda at their opening session this morning in the port city of Ningbo.

APEC Senior Officials explored the development of a post-Bali work plan on concluding a global trade facilitation agreement, strengthening regional economic integration and formulating a roadmap to a Free Trade Area of the Asia-Pacific. For that purpose, a Friends of the Chair Committee was established within the Committee on Trade and Investment to promote issues related to a Free Trade Area of the Asia-Pacific.

“APEC Member economies play important roles in promoting global growth and the economic performance in the region will have either direct or indirect impact on the global economy,” said Li Baodong, Chair of the APEC 2014 Senior Officials’ Meeting and Vice Foreign Minister of China.

“As the engine of the world economy, APEC member economies need to work on innovative development, economic reform and growth in the wake of the global financial crisis,” said Li.

Li explained that APEC needs to explore new models of development and seek new sources of growth.

“Innovation, reform and economic growth are mutually reinforcing,” he stated. “As we work to establish a favorable cycle for economic growth, it is important that we do not lose sight of the developments of both regional economic integration and fragmentation.”

“The Asia-Pacific region needs to speed up regional economic integration and bring it to a higher level,” Li continued. “We need to tackle bottleneck issues like infrastructure development, set up a regional framework of cooperation suitable to our development level and build a closer partnership to achieve mutual benefit and common development.”

APEC member economies are addressing the pressing challenges and opportunities for the integration and development.

“Through concerted, open and inclusive, efforts, we will be able to facilitate activities to achieve new results and breakthroughs, thereby promoting the sustained development, progress and prosperity of the entire Asia-Pacific region.”

Senior Officials will continue to identify concrete initiatives to promote innovative development, economic reform and growth; economic and technical cooperation; and strengthen comprehensive connectivity and infrastructure development.

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