APEC members vow 'market-driven' economic integration

GYEONGJU, South Korea - The 21 members of the Asia-Pacific Economic Cooperation vowed to push for a market-driven economy in the Asia-Pacific region as the member economies conclude this year's summit.

''We will advance economic integration in the Asia-Pacific region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda,'' a joint declaration of the member economies stated.

"We will continue working together to enhance experience sharing, capacity building, business engagement, and technical cooperation efforts among members, aimed at strengthening member economies' readiness to participate in high standard and comprehensive regional undertakings," it added. 

The Asia-Pacific region stands at a pivotal juncture, with the global trading system continuing to face significant challenges, the member economies stated.

''Further, the rapid advancement of transformative technologies such as artificial intelligence, and demographic shifts that are reshaping labor markets, carry profound and long-term implications for APEC member economies,'' they said.

''In this regard, we call for strengthened cooperation and concrete actions to enable economic growth that benefits all,'' they added. 

They also reaffirmed the shared recognition that robust trade and investment are vital to the growth and prosperity of the Asia-Pacific region and remain committed to deepening economic cooperation to navigate the evolving global environment. 

''We acknowledge the importance of a trade and investment environment that promotes resilience and benefits for all,'' the 21 members said.

''We note the various discussions on the current state and future of global trade and recognize the need for cooperation among economies in this regard,'' they added. —VAL, GMA Integrated News