The Asia-Pacific Economic Cooperation (APEC) summit concluded in the Peruvian capital of Lima on Saturday with leaders affirming their “commitment to trade and multilateral cooperation.”
The Machu Picchu Declaration, published at the end of the summit, stated that rapid changes in the global economy pose both opportunities and risks for APEC economies.
The leaders participating in the summit affirmed their support for the rules-based multilateral trading system represented by the World Trade Organization.
It drew attention to issues affecting the global economy such as climate change, food security and energy security.
-Advertisement-
It added: “Trade and investment are directly linked to critical factors affecting economies such as environmental sustainability, food security and energy security.”
It stressed that close and multilateral cooperation has become increasingly important in light of these factors.
It stressed the importance of a free, transparent, fair, non-discriminatory, inclusive and predictable trade and investment environment.
The Asia-Pacific Economic Cooperation forum was established in 1989 to promote free trade and economic cooperation in the Asia-Pacific region and meet economic growth, and includes 21 countries bordering the Pacific Ocean.
