APEC expected to come up with solutions for challenging times

BEIJING, Nov. 14, 2024 /PRNewswire/ -- The 31st APEC Economic Leaders' Meeting is being held this week in Lima, Peru. Facing unprecedented global risks and challenges that cannot be addressed by any single economy alone, Asia-Pacific economies are expected to conduct closer cooperation to withstand turbulence and build a community with a shared future for mankind. In an interview with Global Times (GT) reporter Wang Wenwen, Jose Feliciano (Feliciano), deputy director of the Center for China and Asia-Pacific at Universidad del Pacífico in Peru, said that APEC is expected to come up with solutions.

GT: Just before the opening of APEC, the Chinese-invested and built Chancay port was completed, marking another iconic project under the Belt and Road Initiative (BRI) in Latin America. What is the significance of the port? What is your view on the future prospects of the BRI in Peru and Latin America?

Feliciano: This port is one of the biggest milestones in terms of Chinese investment in Peru as well as a symbol of the cooperation between China and Peru. It will transform the logistic and trading routes from this region into the Asia Pacific. The port will be the most advanced port infrastructure in South America. Due to the use of technology as well as the creation of the direct route to China, it will reduce shipping time by 10 to 12 days. Also, the use of automated transport within the port will make it more efficient in a way that will boost the commerce between Peru and the region, as well as China and the other Asia-Pacific countries.

We are very excited about this opportunity. And we do believe that it will enhance the cooperation in terms of trading, investment and another lens of cooperation as well. In the case of Peru and also Latin America, there is a huge gap in terms of infrastructure. The BRI really fits if we're talking about infrastructure projects. Furthermore, it's important to realize that the BRI is also evolving. We can actually talk now about the green BRI. The role of China in terms of providing some opportunities and assistance in terms of energy transition for us is very important, especially in the use of renewable energy and how China can help transformation in our industries like mining and infrastructures in order to make it efficient.

GT: APEC has long worked to eliminate trade barriers in the Asia-Pacific region. Given the rise of protectionism and the severe challenges facing the multilateral trading system, how do you think the APEC multilateral framework should respond to these challenges? 

Feliciano: It's important that APEC holds onto the roots of why this platform was started. In that sense, the economic operation should be the main focus or the driver. All the 21 economies should create more frameworks of cooperation, not only in a multilateral stage, but also bilateral, even though the 21 economies are very diverse in terms of size, society, religion or political focus. But as long as economies try to cooperate on the economic side, I think the APEC platform will for sure come up with some solutions for these challenging times.

We need to remember that APEC economies account for a large percentage of the global GDP and global population. It also combines the Global South and the Global North. When you focus on economic cooperation, it is a very interesting way of building the bridges of collaboration. It will also help emerging economies to increase their standards in terms of trading and regulatory policies. It's also a good thing that there is economic diversity and different thinking within the platform.

GT: With APEC and the G20 being held in Latin American countries, issues like the rise of the Global South and global governance have once again become key topics of focus for participants. What does the rise of the Global South in global governance mean? 

Feliciano: It's another construction in terms of multilateralism or another framework of cooperation within the global landscape. The good thing is that it is not about geographic. It is about developing countries or economies that are facing sort of the same challenges. In a sense, this framework can actually help all these countries to create or to share some knowledge and work together to tackle the issues they are facing.

For instance, there are many social problems and many social challenges faced by developing countries in Latin America, Southeast Asia and Africa. These issues will be taken into consideration when they collaborate.

GT: China has proposed ideas such as the Global Security Initiative and the Global Development Initiative to cope with global headwinds. How do you analyze China's solutions in multilateral governance?

Feliciano: China is increasing its influence in the world and becoming an important voice. It's very positive that China brings to the table these ideas, especially in a sense of the Global Development Initiative, the idea to respect and value the differences and diversity of each society and try to build a community of shared future for mankind. It's very important that China has a presence, but also plays a role in a very responsible way. Since I lived in China for many years, I can feel that the concept of harmony is crucial within the Chinese culture and civilization. So, China's governance ideas stem from trying to build a community of harmony, look for a win-win situation and create a fair world in which all the economies can work together to solve common issues. 

It's important for us to understand not only from the outside but also from the inside of China. Only by doing this, you can have the whole picture and come up with clearer ideas in regards of China's rise and China's influence in the world.

View original content:https://www.prnewswire.com/news-releases/apec-expected-to-come-up-with-solutions-for-challenging-times-302306514.html

SOURCE Global Times