Multilateral coordination key for tacking multiple challenges: APEC report

Carlos Kuriyama (L), director of the Asia-Pacific Economic Cooperation (APEC) Policy Support Unit, speaks during a media briefing on the report APEC Regional Trends Analysis at the international media center of APEC 2023 in San Francisco, the United States, Nov. 12, 2023. (Xinhua/Li Rui)

SAN FRANCISCO, Nov. 12 (Xinhua) -- Multilateral coordination is key for tackling rising debt, climate change, green economy transition, protectionist trade policies and supply chain disruptions, said a report unveiled by the regional economic forum Asia-Pacific Economic Cooperation (APEC) on Sunday.

"We need to have cooperation among all of us (because) the world is global, and the problems are global. So, If we work individually, not coordinating all together, it's gonna be hard to do things," Carlos Kuriyama, director of the APEC Policy Support Unit told Xinhua on the sidelines of a media briefing on the report APEC Regional Trends Analysis.

APEC as a whole faces downside risks from inflation, debt, climate change, geoeconomic fragmentation, trade protectionism and geopolitical issues in spite of upside opportunities from tourism rebound, increased consumption and targeted fiscal support, according to the report.

Economic growth among APEC members would slow down to 2.8 percent in 2024 and 2.9 percent in 2025 from 3.3 percent in 2023 while the rest of the world is expected to grow 3.1 percent in 2024 and 3.6 percent in 2025, up from 2.6 percent this year, according to the report.

The report said a balanced mix of government policies along with multilateral cooperation is vital to economic recovery. Included are transparent monetary policy, targeted fiscal policy, a proactive approach to aging and enhanced regional cooperation.

APEC is an important platform that helps reach consensus in certain areas, said Kuriyama.

"In APEC, we tried to put politics aside. We focus more on economic issues because that's where it's easier to get consensus," said Kuriyama in the Q&A session of the briefing.

Recent high-level meetings within APEC are positive and the openness of communication channels is very important and "gives us hope", Kuriyama said.

The 30th APEC Economic Leaders' Meeting is scheduled for Nov. 15-17 in San Francisco following a number of high-level meetings.