APEC to pursue closer cooperation amid economic headwinds

Résumé détaillé

In late 1993, in a classroom at the University of Hawaii at Manoa, the late professor Seiji Naya introduced the concept of open regionalism, the unique feature of the Asia-Pacific…

In late 1993, in a classroom at the University of Hawaii at Manoa, the late professor Seiji Naya introduced the concept of open regionalism, the unique feature of the Asia-Pacific Economic Cooperation established in 1989. Unlike other trade arrangements such as the European Union and the North American Free Trade Agreement, open regionalism meant that agreements reached among APEC members would be extended to non-members as well, fostering broader economic integration.

Naya, who served as the chief economist at the Asian Development Bank in the 1980s and later became the director of the State of Hawaii Department of Business, Economic Development and Tourism, was a champion of cooperation. He even led a Hawaii delegation to Shanghai to explore cooperation opportunities.

His course on Asian economic development was among the few economics classes I took, and the open regionalism advocated by APEC has greatly contributed to the Asia-Pacific becoming the most dynamic and fastest-growing region in the world.

Japan and the four Asian Tiger economies — the Republic of Korea, Singapore, China's Hong Kong, and China's Taiwan region — were the success stories much talked about in those days. When APEC was launched in 1989, China's GDP was only $350 billion, a fraction of the $19.5 trillion it reached in 2025. China is now the largest trading partner for more than 150 economies.

Other APEC economies, such as Indonesia, Malaysia and Vietnam, have also experienced remarkable growth in the past decades. The 11-member Association of Southeast Asian Nations, now the world's fifth largest economy, is on track to become the fourth largest in the coming years.

Free trade policies and an open global economy have long been the recipe for success for APEC members.

However, the global economy faces strong headwinds today, such as rising protectionism, dysfunction of the World Trade Organization and geopolitical tensions, all of which threaten to erode dynamism and jeopardize future growth…

Shen…

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