Commentary: APEC Shanghai Meeting Has Far-reaching Significance

After achieving fruitful results which are bound to have far-reaching significance, leaders of the Asia-Pacific Economic Cooperation (APEC) forum concluded their 2001 meeting in Shanghai on October 21.

The meeting, which constitutes a solid step forward in the regional cooperation process, will become a major milestone in the development of the 21-member economic forum.

In a declaration, leaders vowed to "build APEC into a closer, stronger partnership for regional economic cooperation."

As the first meeting of its kind in the 21st century, leaders from the Asia-Pacific region discussed ways to meet new challenges in the new century and agreed to achieve common prosperity through broader participation and closer cooperation.

As the leader's declaration has pointed out, the meeting came at a crucial juncture when global economy is at a difficult time with major industrialized economies experiencing slowdown and emerging economies particularly affected by unfavorable external market conditions. World economic prospects became even more uncertain following the September 11 terrorist attacks on the U.S.

The APEC meeting helped restore confidence in economic growth and boost chances for regional and global economic recovery.

Leaders discussed ways to promote trade and investment liberalization and worked out a policy framework for the achievement of the Bogor Goals, which envisions free and open trade and investment for developed member economies by 2010 and developing ones by 2020.

They pledged to take concrete measures and practical steps to ensure the convention of the fourth ministerial meeting of the World Trade Organization and the launch of a new round of global trade talks.

APEC leaders expressed confidence in the growth prospects of the region and reached broad consensus on adopting strong macroeconomic measures and strengthening cooperation.

They underscored efforts to create favorable conditions for sustainable economic growth in the Asia-Pacific region through dialogues and cooperation.

The message from the APEC meeting has given rise to new hopes for the return of growth of the global economy.

The meeting will also have tremendous positive impacts on security and stability in the Asia-Pacific region and the world at large as it provided APEC leaders with a venue for extensive diplomatic contacts.

APEC economies had a combined GDP of over 18 trillion U.S. dollars and accounted for 44 percent of the global trade in 1999. Three members hold permanent seats on the U.N. Security Council.

Chinese President Jiang Zemin met for the first time with his U. S. counterpart George W. Bush. The two leaders discussed Sino-U.S. relations, terrorism and the maintenance of world peace and stability. Both leaders agreed to develop a constructive relationship of cooperation. The talks were constructive and fruitful.

Bilateral talks were also held, among others, between Bush and leaders of Russia, South Korea, Japan. The flurry of diplomatic activities helped promote mutual understanding and friendship between members, and contributed to cooperation and exchange between them in various fields.

In view of the gravity of the terrorist attacks on the United States, leaders went out of their way in the meeting to discuss the issue of counter-terrorism. They condemned "in the strongest terms" the attacks as a threat to peace, prosperity and security of all people, of all faiths and of all nations.

They vowed to strengthen cooperation at the United Nations and other groupings like APEC to mitigate the impact on economy, and to prevent and stop future terrorist acts in any form and anywhere in the world.

The APEC meeting outlined, in Shanghai Accord, guidelines for the group's future development. Leaders discussed issues like trade and investment, human capacity building and the new economy in line with the APEC approach of "voluntarism, consensus-building, combination of individual and collective actions, flexibility, comprehensiveness and open regionalism."

The timetable for achieving the Bogor Goals were reaffirmed, and specific plans were made. An e-APEC Action Plan which aims at narrowing "digital divide" was formulated.

All these have helped enhance economic and technical cooperation among APEC members and ensured that the "two wheels" of APEC -- trade and investment liberalization and facilitation, and economic and technical cooperation -- get equal push. Leaders agreed that interests of both developed and developing economies will be given due consideration so that all people in the region may share the benefits of globalization and the new economy featuring the rapid growth of the information technology and knowledge-based economy.

The Shanghai meeting, the biggest and highest-level international gathering sponsored by the Chinese government, has provided a good opportunity for the world to get a better understanding of China and helped boost the country's international profile. The wonderful organizational work has won appreciation of delegates and the media. The fast-improving cityscape of Shanghai and its hospitable people have impressed APEC leaders and senior business executives.

The convening of the meeting will undoubtedly give impetus to China's opening up and reform and its economic endeavor.

The success of the Shanghai meeting indicates that China is actively integrating into globalization and is playing an increasingly important role in international affairs. The meeting is a significant achievement in China's diplomacy.






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