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APEC pledges to adopt balanced trade and economic policies — joint statement

It is stated that the ministers will continue their efforts "to keep supply chains functional, secure and resilient" and "to keep markets open as well as address supply chain disruptions"

BANGKOK, November 18. /TASS/. Economic ministers of the Asia-Pacific Economic Cooperation (APEC) countries and territories have pledged to adopt more balanced and inclusive trade and economic policies. This is according to a joint statement released after the ministerial meeting of APEC in the Thai capital of Bangkok on Friday.

As the global community is emerging from the coronavirus pandemic, "trade and investment play a critical and indispensable role in accelerating global economic recovery" and "can contribute positively to raising living standards, reducing poverty and advancing sustainable economic development," the ministers said in the joint statement.

"We will adopt more balanced and inclusive trade and economic policies, and reiterate our determination to deliver a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade and investment environment," the document says.

According to the statement, the ministers will continue their efforts "to keep supply chains functional, secure and resilient" and "to keep markets open as well as address supply chain disruptions."

They also agreed to "advance economic integration in the region in a manner that is market-driven, including through work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda which promotes high standards and comprehensive regional undertakings."

The minister recognized "contributions of the Lima Declaration and the Beijing Roadmap on progressing the FTAAP agenda.

In addition to that they emphasized the importance of cross-fora collaboration and engagement with other economic stakeholders.

APEC comprises 19 countries and two territories. This includes its 12 founding members: Australia, Brunei, Indonesia, Canada, Malaysia, New Zealand, Singapore, USA, Thailand, Philippines, South Korea and Japan. Other participants include China (entered in 1991), Mexico and Papua New Guinea (1993), Chile (1994), Russia, Vietnam and Peru (1998). In 1991, two Chinese territories, Hong Kong and Taiwan, joined APEC.

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