Openness and inclusiveness: The right path forward for Asia-Pacific

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The old city of Gyeongju, a testament to ancient Korea's rich historical tapestry, provided a fitting backdrop for the 32nd APEC Economic Leaders' Meeting, a conversation central to our collective future: the economic trajectory of the Asia-Pacific.

Chinese President Xi Jinping made five proposals for economic globalization and building an Asia-Pacific community at the first session of the meeting: to safeguard the multilateral trading system, build an open economic environment in the region, keep industrial and supply chains stable and smooth, advance the digital and green transformation of trade, and promote universally beneficial and inclusive development.

In an era marked by geopolitical turbulence and growing uncertainties, China's proposals provide the right path forward for the continued success of the Asia-Pacific region and for the world at large.

This is not merely aspirational rhetoric; it is a pragmatic imperative born from the region's own success story. Instead of building walls, the Asia-Pacific created economic success and has been cementing it by lowering barriers, establishing influential regional intergration mechanisms such as the Association of Southeast Asian Nations, and promoting the world's largest trade blocs such as the Regional Comprehensive Economic Partnership (RCEP).

In its most recent update, the IMF projected the region's economy to expand 4.5 percent in 2025, up 0.6 percentage point from its estimate in April. Krishna Srinivasan, director of the IMF's Asia and Pacific Department, said: "The region is once again set to contribute the lion's share of global growth -- about 60 percent, both this year and in 2026." 

Though facing headwinds in tariffs and other areas, the Asia-Pacific today stands undoubtedly as a primary engine for global growth.

The five proposals by Xi Jinping provide a blueprint for navigating the "rougher seas" ahead of the region. They collectively articulate a vision of openness and inclusiveness, diametrically opposed to the zero-sum, bloc-based thinking that threatens to fragment the global economy.

The call to safeguard the multilateral trading system, with the World Trade Organization at its core, is a defence of a rules-based order. True multilateralism ensures that smaller economies have a voice and that trade disputes are settled through dialogue, not dominance. The push for regional economic integration, through high-standard implementation of the RCEP and alignment with frameworks like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the free trade agreement between 12 economies, is about building a more resilient and deeply connected economic space for the region, which will benefit everyone.

The emphasis on stable and smooth supply chains answers a critical post-pandemic question: how to rebuild our supply chain connectivities. The proposal to "join hands rather than part ways, and strengthen our links rather than sever them" points towards a diversified and collaborative approach to supply chain management, which will provide a foundation for the region's economies. The dual focus on digital and green transformation of trade acknowledges the frontiers of future competitiveness. By promoting paperless trade, smart customs, and cooperation in green industries, the region can leapfrog in infrastructure development and set the global standards for the future.

Finally, the commitment to "universally beneficial and inclusive development" ensures development is shared, which will in return create broader markets, foster political stability, and reinforce the very ecosystem that helps trade to thrive. An inclusive Asia-Pacific will prove to be a resilient Asia-Pacific.

China's proposals are also evident in the recent recommendations of the Central Committee of the Communist Party of China for the country’s 15th Five-Year plan covering the period from 2026 to 2030. In the recommendations, Chinese policymakers aim for a higher level of opening up by promoting innovative development of trade, expanding two-way investment cooperation, and pursuing high-quality Belt and Road cooperation.

The Asia-Pacific undoubtedly has its own challenges in continuing its growth momentum. Tariff and non-tarriff barriers still exist, and equality needs to to improved. China has provided its answers; the actions will be upon all nations.

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