Trade ministers of the Asia-Pacific Economic Cooperation (APEC) on May 23 reaffirmed their commitment to maintain “resilient” supply chains, particularly to essential goods, such as energy products and critical downstream derivatives, in the face of supply chain challenges impacting the region.
“We recognize that it is in our mutual interest that our region remains interconnected and trade corridors remain open, to facilitate trade flows, including energy supplies and other essential goods,” the ministers said in a joint statement issued upon conclusion of their two-day meeting in the eastern Chinese city of Suzhou.
They reiterated their shared commitment to advancing economic integration in the region in a “market-driven manner,” vowing to continue their cooperation to facilitate the flow of data across borders through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda.
The meeting reaffirmed commitment to advancing concrete actions to strengthen food security and enhance the resilience of agri-food systems across the APEC region, including through practical cooperation, recognizing existing APEC
frameworks.
The meeting was chaired by China’s Minister of Commerce Wang Wentao.
APEC is a regional economic forum comprising 21 member economies, including the U.S., China, Japan, Russia and Australia, that promotes trade, investment and economic cooperation across the Asia-Pacific region.
