23rd APEC Economic Leaders Meeting Declaration Issued

Nov 20, 2015 17:02 IST

The leaders of the 23rd Asia-Pacific Economic Cooperation (APEC) Summit on 19 November 2015 issued the 2015 Leaders Declaration at the end of the conclusion of summit in Manila, Philippines.

The Declaration is titled Building Inclusive Economies, Building a Better World: A Vision for an Asia-Pacific Community.

The Declaration outlines new commitments for APEC members to take forward over the coming year to

  • build inclusive economies;
  • foster micro, small and medium enterprises’ participation in regional and global markets;
  • build sustainable and resilient communities;
  • invest in human capital development; and
  • enhance the regional economic integration agenda.

Main Highlights of the Declaration

  • To support comprehensive and ambitious structural reforms; achieve positive economic, social, and environmental outcomes; and promote good governance. In this direction, the leaders adopted the APEC Strategy for Strengthening Quality Growth.
  • The leaders also committed to deepen financial markets and mitigate risks to build an inclusive society.
  • Not to allow terrorism to threaten the fundamental values that underpins free and open economies and stressed the urgent need for increased international cooperation and solidarity in the fight against terrorism.
  • To further reinforce the commitment on the occasion of the 20th anniversary of the World Trade Organisation (WTO), the leaders issued a separate statement supporting the multilateral trading system and the 10th Ministerial Conference of the WTO.
  • To refrain from competitive devaluation and resist all forms of protectionism.
  • Reiterated the commitment to achieve the Bogor Goals of free and open trade and investment by 2020 and to the eventual realization of the Free Trade Area of the Asia-Pacific (FTAAP)
  • To foster an enabling trading environment that is responsive to new ways in which goods and services are produced and delivered and that promotes inclusiveness, especially for MSMEs. Towards this end, they adopted the Boracay Action Agenda to Globalize MSMEs and welcomed the APEC Iloilo Initiative.
  • To build sustainable and disaster-resilient economies and in this direction they welcomed the adoption the APEC Disaster Risk Reduction (DRR) Framework.
  • To make urbanization work for growth and in this regard leaders welcomed China’s initiative to host an APEC high-level forum on urbanization in 2016.
  • To redouble our efforts to empower our people with the tools to benefit from and participate in economic growth
  • To achieve our vision for an integrated community in a comprehensive and systematic manner
  • To develop the services sector as an enabler of economic growth and inclusion and in this direction, leaders endorsed the APEC Services Cooperation Framework.

The Declaration ended with the commitment to hold the 24th APEC Summit in Peru in 2016 and from 2017 to 2022 in Viet Nam, Papua New Guinea, Chile, Malaysia, New Zealand, and Thailand respectively. Further, the Leaders Declaration welcomed the offer of the Republic of Korea to host APEC in 2025.

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