New APEC vision to boost economic growth in Asia-Pacific: MOC official

BEIJING, Nov. 21 (Xinhua) -- The new vision launched by the Asia-Pacific Economic Cooperation (APEC) on Friday will inject new impetus into economic growth in the Asia-Pacific, an official with China's Ministry of Commerce (MOC) said.

The "APEC Putrajaya Vision 2040," the bloc's new long-term blueprint for future cooperation, adopted at the 27th APEC Economic Leaders' Meeting, envisions "an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations."

"The meeting is of landmark significance in APEC cooperation," said MOC official Yang Zhengwei.

The post-2020 vision was launched to replace the 1994 Bogor Goals, which saw remarkable progress in the liberalization and facilitation of trade and investment in the region.

In the 26 years since the implementation of the 1994 Bogor Goals, the trade volume in the region has registered annualized growth of 6.7 percent, while the average tariff level has fallen from 13.9 percent to 5.2 percent, according to Yang.

The number of free trade agreements saw an almost eight-fold increase during the period.

As part of China's contribution to achieving the goals, its average tariff level has fallen from 23.6 percent to 7.5 percent, with wider opening up in service trade and eased entry barriers for foreign investment, Yang noted.

Among the pledges in the new vision, the APEC members are committed to continuing the work to deliver a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment.

"The new vision makes a long-term commitment to supporting a multilateral trading system and demonstrates the resolve to push regional integration," Yang said, adding that China is set to make more contributions to the implementation of the new vision.

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