By Qaiser Nawab, Chairman BRISD
The 32nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting, recently held in Gyeongju, South Korea, took place amid a challenging global economic environment marked by slowing growth, rising protectionism, and fragile supply chains. In this context, Chinese President Xi Jinping outlined a five-point framework for revitalising regional cooperation under the theme “Building an Inclusive and Open Asia-Pacific Economy for All.”
His address reaffirmed that the Asia-Pacific remains one of the most dynamic regions in the world economy but acknowledged that it faces new uncertainties. The proposals focused on safeguarding multilateral trade, strengthening supply-chain stability, advancing digital and green transformation, and promoting inclusive, people-centred growth. Together, these ideas reflected a broader appeal to preserve cooperation at a time when fragmentation threatens global stability.
A key message of the Gyeongju summit was the importance of maintaining an open, rules-based trading system. The Asia-Pacific’s prosperity has long depended on open markets and predictable trade rules. Many economies — including smaller and developing members — see multilateral frameworks as essential for sustaining growth and managing interdependence. Calls for fair competition, access to finance and technology, and avoidance of coercive measures resonated with a broad range of participants.
President Xi also encouraged APEC members to continue pursuing deeper regional integration through mechanisms such as the Free Trade Area of the Asia-Pacific (FTAAP) and closer alignment between existing frameworks like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The emphasis was less on competition among blocs and more on interoperability and coordination across the region.
For developing countries such as Pakistan, which seeks to expand its trade partnerships and strengthen its export competitiveness, such initiatives could provide valuable opportunities. However, these goals also depend on mutual trust, regulatory consistency, and ensuring that liberalisation does not disadvantage smaller economies.
Another central theme of the summit was the need to secure stable and resilient industrial and supply chains. While China remains a critical hub in many of these networks, the broader lesson applies across the Asia-Pacific: supply-chain resilience now requires cooperation, transparency, and diversification. Joint frameworks for logistics, manufacturing, and resource management could help countries build shared safeguards against future shocks.
The Gyeongju discussions also highlighted digitalisation and green transformation as twin priorities for the region’s long-term competitiveness. Investing in digital trade, e-commerce, and smart logistics can accelerate recovery, while adopting cleaner energy and sustainable production can balance economic and environmental objectives.
The final component President Xi’s framework inclusive growth reflected growing recognition that development must benefit all segments of society. Rising inequality, both within and between nations, threatens to undermine social cohesion and economic stability. The APEC platform offers a forum for addressing these disparities by supporting skill development, digital literacy, and access to finance, particularly for small and medium-sized enterprises (SMEs).
For the Asia-Pacific, inclusion also means ensuring that smaller economies gain tangible benefits from integration. Cooperation on infrastructure, education, and innovation can help narrow the gap between advanced and developing members. The emphasis on “shared prosperity” is not simply aspirational; it speaks to the region’s need for balanced growth in an increasingly polarised world.
Turning these ideas into action will require political commitment and practical coordination. Beyond declarations, APEC economies will need to implement harmonised standards, transparent trade policies, and effective mechanisms for dispute resolution. Progress will depend on whether members can maintain dialogue despite differences in national priorities and strategic alignments.
The Gyeongju summit reaffirmed APEC’s relevance as a platform for managing the world’s most consequential regional economy. While the region faces undeniable headwinds, from slowing growth to technological competition, the principle remains clear: dialogue and integration offer a more durable path to prosperity than isolation or rivalry.
About Author :
Qaiser Nawab is Chairman of the Belt and Road Initiative for Sustainable Development (BRISD), an international platform focused on fostering cooperation and innovation across Asia, Africa, and Latin America. He can be reached at qaisernawab098@gmail.com
