22nd APEC Summit Concluded with Chinese trade pact plan
The 22nd Asia-Pacific Economic Co-operation (APEC) Summit was concluded on 11 November 2014.
The 22nd Asia-Pacific Economic Co-operation (APEC) Summit concluded on 11 November 2014. The summit was held at Yanqi Lake in Beijing, China.
The summit concluded with issuing of the 22nd APEC Economic Leaders' Meeting Declaration - Beijing Agenda for an Integrated, Innovative and Interconnected Asia-Pacific. (Read Full Text)
The summit was held under the theme of Shaping the Future through Asia-Pacific Partnership.
At the Summit, it was agreed that The Philippines will chair APEC in 2015 and host the 23rd APEC Economic Leaders' Meeting.
The Declaration outlines new far-reaching measures for advancing regional economic integration, promoting innovative development, economic reform and growth, and strengthening comprehensive connectivity and infrastructure development, with a view to expanding and deepening regional economic cooperation, and attaining peace, stability, development and common prosperity of the Asia-Pacific.
Highlights of the Declaration
• The declaration submitted that significant progress made toward achieving the Bogor Goals.
• The declaration recognised that APEC has a critical role to play in shaping and nurturing regional economic integration.
• APEC announced to make more important and meaningful contributions as an incubator to translate the Free Trade Area of the Asia-Pacific (FTAAP) from a vision to reality. FTAAP is a major instrument to strengthen APEC's regional economic integration agenda.
• In this regard, the summit aimed to endorse the Beijing Roadmap for APEC’s Contribution to the Realization of the FTAAP.
• The summit welcome the establishment of a Committee on Trade and Investment (CTI) Friends of the Chair Group on Strengthening Regional Economic Integration (REI) and Advancing FTAAP, and urge the Friends of the Chair Group to continue its work.
• They agree to launch a collective strategic study on issues related to the realization of the FTAAP, and instruct officials to undertake the study, consult stakeholders and report the result by the end of 2016.
• They endorse the establishment of an APEC Information Sharing Mechanism on RTAs/FTAs. They highly commend the work on the implementation of the Action Plan Framework on Capacity Building Needs Initiatives (CBNI), and endorse the Action Plan Framework of the 2nd CBNI.
• They instruct officials to design targeted and tailor-made capacity building activities to narrow the gap of the capacities of APEC economies to facilitate the eventual realization of the FTAAP.
• To Advance the Global Value Chain Development and Supply Chain Connectivity, they endorse the APEC Strategic Blueprint for Promoting Global Value Chain (GVC) Development and Cooperation.
• Global Value Chains (GVCs) have become a dominant feature of the global economy and offer new prospects for growth, competitiveness and job creation for APEC economies at all levels of development.
• To Strengthen Economic and Technical Cooperation, they endorse the APEC Strategic Plan on Capacity Building to Promote Trade and Investment Agenda which adopts a strategic, goal-oriented and multi-year approach.
• They encourage economies, particularly developed economies, to provide more contributions to ECOTECH and capacity building, to achieve their goal of bridging development gaps, and help member economies to meet their APEC commitments and their economic growth objectives.
• Also, they welcome the initiative to upgrade the Asia Pacific Finance and Development Center (AFDC) to the Asia Pacific Finance and Development Institute (AFDI)