APEC leaders facce challeges together for stronger growth

Russian Leaders plane in Port Moresby 

Leaders of the 21 APEC member economies opened their annual meeting to take sustained collective action to strengthen Asia-Pacific trade for greater growth and prosperity for all.

Leaders are seeking to formulate a shared vision for advancing APEC’s role as a driver of economic integration and growth, at a time of heightened risks.

Leaders are focusing on strengthening the digital economy, including how APEC can enable a more open,accessible and secure online environment, so communities and businesses of all sizes can participate.

Papua New Guinea Prime Minister Peter O’Neill told Leaders that travelling to Port Moresby had given local people hope that they can participate more economically in the vast Asia-Pacific region.

“I know today that many of you will leave our shores, but let me say that we are grateful for your visit.It has certainly given more people in Papua New Guinea a lot of hope,” said Prime Minister O’Neill in his opening remarks. “Hoping in the sense that they are part of a global community, and particularly the Asia-Pacific region.”
He said Leaders can continue to face challenges impacting the region by working together to promote greater openness and integration in the Asia Pacific, whose economies account for half of global trade and 60 per cent of world GDP.

“It (the meeting) is going to continue to enhance the development of our own respective economies and the challenges that we have ahead of us, we can face them together by working together,” said Prime Minister O’Neill who is chair of the meeting this year.

“That is why it is my great pleasure to welcome each and every one of you to Papua New Guinea, and in particular to Port Moresby and APEC Haus.”

At the start of their meeting, Leaders were briefed on the status of the global economy by International Monetary Fund Managing Director Christine Lagarde. During their discussions,Leaders seek to agree to promote balanced, inclusive and sustainable growth and advance APEC’s work on structural reform in the region.