APEC members commit to fostering economic growth in region

  SAN FRANCISCO:  Participants of the Asia-Pacific Economic Cooperation (APEC) summit that is about to end in San Francisco (California), ar...


SAN FRANCISCO:  Participants of the Asia-Pacific Economic Cooperation (APEC) summit that is about to end in San Francisco (California), are committed to fostering economic growth in the region, according to the APEC joint ministerial statement adopted on Friday following the summit.

"We commit to fostering growth that brings palpable benefits and greater health and wellbeing to all, including women-owned, led, and managed MSMEs," the document reads. "MSMEs contribute significantly to our economies’ GDP, providing an essential employment and economic growth foundation," according to the statement.

The participants of the summit also discussed the necessity to promote efforts to advance energy transitions within APEC economies that meaningfully engage stakeholders. "Recalling our Leaders’ Declaration in 2021 to further integrate action on climate change across relevant APEC workstreams, we will continue to collaborate and support sustainable energy transitions through various pathways that reduce greenhouse gas emissions, consistent with global net-zero greenhouse gas emissions/carbon neutrality by or around mid-century, while ensuring energy security, resilience, and access in the region <…>. We recall our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption while recognizing the importance of providing those in need with essential energy services. We welcome the intention to identify best practices for developing and implementing hydrogen produced from zero and low emission technologies in the Asia-Pacific region in a coherent manner as an area of future work," the statement reads.

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Local Glob: APEC members commit to fostering economic growth in region
APEC members commit to fostering economic growth in region
Local Glob
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