Participants at the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opens in Suzhou of east China’s Jiangsu Province on Friday, are seeking tangible outcomes which can bring renewed momentum to trade and economic growth across the region and beyond.
During the two-day meeting, held under the theme of "Building an Asia-Pacific Community to Prosper Together," APEC trade ministers will focus on three guiding themes—openness, innovation, and cooperation, and on two major priorities: building an open and predictable regional and multilateral trade and economic order, and creating a new engine for dynamic trade and investment cooperation powered by innovation.
The discussions will center on four key areas: the Free Trade Area of the Asia-Pacific, the multilateral trading system, digital cooperation, and the green economy.
Many are hoping to deliver a more open approach to trade which can directly benefit businesses and consumers alike.
"So one of the areas that APEC is working on is actually how do we facilitate trade, particularly on e-commerce. So when we have trade frictions and custom duties simplified, that's easy for small businesses to trade with one another on e-commerce, and also for consumers -- just one click and you can get your products from Mexico, from Peru, from Vietnam, from China. I think it's going to benefit many small businesses from reaching new markets halfway around the world," said Grace Fu, Singapore's Minister-in-charge of Trade Relations.
On the sidelines of the conference, China will hold a series of seminars on investment facilitation, green supply chains, and electronic port networks, all of which are designed to unite businesses worldwide and promote collaborative, win-win industrial development.
Attendees hope for beneficial outcomes for businesses, consumers at APEC trade ministers' meeting
