Ministry of Commerce: APEC’s 27th Informal Leaders’ Meeting is of iconic significance

　　China News Service, Beijing, November 21 (Reporter Li Xiaoyu) The 27th Asia-Pacific Economic Cooperation (APEC) Informal Leadership Meeting announced the completion of the Bogor Goals and formulated the APEC Putrajaya Vision in 2040.

Officials of the Ministry of Commerce of China stated that the informal leaders' meeting is of landmark significance in APEC cooperation.

　　The "Bogor Goals" were put forward at the 1994 APEC leaders' informal meeting, requiring developed members to achieve trade and investment liberalization by 2010 and developing members by 2020.

　　In an interview with reporters, Yang Zhengwei, deputy director of the International Department of the Ministry of Commerce of China, said that in the 26 years since the implementation of the Bogor Target, the Asia-Pacific trade and investment liberalization and facilitation have achieved remarkable results.

Trade investment has grown rapidly, with trade volume increasing by 5 times, with an average annual growth rate of 6.7%; two-way investment has grown by 12 times, with an average annual growth rate of more than 10%.

The level of liberalization and facilitation has been greatly increased, the average regional tariff level has been reduced from 13.9% to 5.2%, and the cost and time of trade have dropped significantly.

　　He said that the results of the Bogor Goals show that multilateralism, free trade and regional economic integration are important driving forces for the rapid development of the region.

　　Yang Zhengwei stated that the 2040 APEC Putrajaya Vision will be committed to creating an open, dynamic, strong and peaceful Asia-Pacific community.

In terms of trade and investment, APEC will continue to support the multilateral trading system, promote regional economic integration, and promote a comprehensive and high-standard Asia-Pacific Free Trade Area; in terms of digital economy, APEC will promote the development of new formats and models of digital economy.

　　He said that the new vision continues the spirit of the Bogor Goals, makes a long-term commitment to support the multilateral trading system, and demonstrates its determination to firmly promote regional integration; the new vision also captures the characteristics of the booming digital economy and will serve the Asia Pacific Economic growth provides new momentum.

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