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Dominic's Take

2023 Outlook: APEC to Catalyze Joint Drive for Sustainable Growth

December 30, 2022
Dominic Ng is chair of the APEC Business Advisory Council and chairman and chief executive of East West Bank, based in Pasadena, California.

Business community should be part of solution to region’s challenges.

Representatives from the 21 member economies of the Asia-Pacific Economic Cooperation forum met in Honolulu earlier this month in the first meeting on U.S. soil of senior APEC officials since 2011.

The world has changed much since then-U.S. President Barack Obama hosted world leaders for the 19th APEC economic leaders’ meeting in the Hawaiian state capital.

In the wake of the COVID-19 pandemic and the invasion of Ukraine, the global economy faces a growing risk of recession as well as soaring debt difficulties and continued supply chain disruptions. Devastating impacts from climate change are mounting. Concerns over corruption within the Asia-Pacific region have increased, leading to limited access to opportunities.

What has not changed, however, is the importance of Asia-Pacific economies working together to tackle these challenges. APEC member economies account for 38% of the global population and 47% of global trade.

Together, they are articulating a vision of a more open, dynamic, resilient, and peaceful region.

The U.S. APEC 2023 host year will be a catalytic moment for mobilization of the Asia-Pacific region and beyond through the theme, “Creating a resilient and sustainable future for all." At this month’s meeting in Honolulu, the administration of U.S. President Joe Biden previewed the key priorities that will guide the 2023 agenda as being “interconnected, innovative and inclusive.”

Building a more interconnected Asia-Pacific will be essential for the region's even and equitable economic recovery from the pandemic and ensuring its long-term prosperity and resilience...

Read the entire article on Nikkei Asia.