APEC economies advance trade agenda in Shanghai meeting

Jakarta (ANTARA) - APEC economies met in Shanghai this week to advance trade and investment priorities ahead of the Ministers Responsible for Trade Meeting in Suzhou on May 22–23.The meeting focused on economic integration, supply chain resilience, digital trade, and efforts to reduce cross-border trade barriers, according to an APEC statement issued on Sunday.

Officials also discussed efforts to improve cross-border trade flows through paperless trade, digital customs procedures, and better interoperability between digital trade systems.

"This Committee remains a key platform for advancing APEC's trade and investment agenda," said Julio Chan, chair of the APEC Committee on Trade and Investment and APEC general coordinator at Peru's Ministry of Foreign Trade and Tourism.

Chan said the region continues to face economic uncertainty and growing trade challenges, underscoring the need for closer cooperation.

"We must continue identifying areas of common interest and translate them into concrete initiatives that support a more connected, resilient and inclusive Asia-Pacific region," he added.

Officials also reviewed progress on regional economic integration initiatives, including the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Digital Economy Partnership Agreement (DEPA).

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Economies exchanged views on the World Trade Organization and implementation of the WTO E-Commerce Agreement.

Members also reviewed ongoing work related to digital trade rules, artificial intelligence, and cross-border digital cooperation.

Discussions further covered workforce participation and inclusion, including women's economic empowerment, indigenous businesses, and access to assistive technologies.

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The APEC Business Advisory Council (ABAC) urged economies to reduce trade and logistics costs, strengthen infrastructure connectivity, and lower barriers affecting digital commerce and cross-border business activities.

Business representatives also emphasized the importance of predictable trade conditions and resilient regional supply chains.