Inside Out | Resurgence of trade protectionism means Malaysia – and Apec – face huge challenges for 2020
- Apec has unfinished business, including how it defines the ‘free and open’ trade it was supposed to have achieved by 2020. How this, the rise of protectionism and threat of climate change, is addressed will set the tone for its next 25 years
No, I did not spend last week in steamy Hangzhou simply to cruise the West Lake and hobnob at sumptuous banquets. The real work was to help our region’s business leaders craft and prioritise their messages to leaders of the 21 Asia-Pacific Economic Cooperation (Apec) economies when they meet in November in Santiago.
A quieter, but equally important discussion was over the future of Apec, and its priorities, after 2020.
Why 2020? Because in 1994, when Apec was just five years old, Apec leaders met in Bogor and set in stone a bold 25-year vision: free and open trade and investment in the Apec region by 2020. The richer member economies were instructed to reach the target by 2010, and the remaining less-endowed economies by 2020.
And it has been for the Chilean government chairing Apec this year, and Malaysia who take over chairmanship in January, to lead a grand audit of progress, to identify “unfinished business”, to confirm ongoing priorities – and to lay foundations for a post-2020 vision.
