Leveraging on APEC

The world’s largest economic bloc by GDP, the Asia Pacific Economic Cooperation (APEC), will hold its economic leader’s meeting this coming Oct. 31 in the historic city of Gyeongju, South Korea. Gyeongju is Korea's ancient capital and center for culture.

- ANDREW J. MASIGAN

It is home to multiple UNESCO World Heritage sites.

The Philippines is a founding member of APEC back in 1989. Today, APEC counts 21 members, including economic heavyweights such as the US, China, Canada, Australia and Russia — all of whom have borders that face the Pacific Ocean.

APEC was formed to advance economic integration and promote shared prosperity across the Asia-Pacific. The bloc works to facilitate the seamless flow of goods, services, investments and people across borders. This has been achieved by streamlining customs procedures, enhancing business environments and unifying regulations and standards.

South Korea too is among APEC’s founding members. The north Asian nation hosted the 3rd APEC Ministerial Meeting in 1991, which led to the adoption of the Seoul Declaration. For those unaware, the Seoul Declaration is a commitment to open regionalism, economic cooperation, sustainable growth, economic cooperation, trade liberalization and free investment flows.

In 2005, South Korea hosted the summit again, wherein the Busan Roadmap was drawn. The Busan Roadmap established clear steps towards trade and investment liberalization, capacity building for developing economies and structural reforms towards increased competitiveness.

This year’s summit carries special significance since it is held at a time of heightened geopolitical and economic uncertainty, primarily triggered by President Trump’s tariffs. The summit’s theme is: “Building a Sustainable Tomorrow: Connect, Innovate, Prosper.” Hence, we can expect APEC members to chart a new vision and roadmap for the Asia Pacific amid US tariffs, a growing trend towards protectionism and geopolitical tensions brought about by multiple global conflicts.