Chinese Taipei's Contribution Accelerates APEC's Path to Inclusive and Sustainable Growth
Issued by the APEC SecretariatSingapore, 27 November 2024Chinese Taipei has voluntarily contributed USD 1,000,000 in additional funding for APEC member initiatives to enhance human security, digital innovation and women’s economic participation, and establish greater economic integration across the Asia-Pacific.
Officials from Chinese Taipei and the APEC Secretariat in Singapore, which oversees projects implementing APEC’s policy directives, signed a Memorandum of Understanding for the contribution on Saturday, 9 November, in Lima, Peru.
This contribution will fund projects aimed at addressing the capacity building needs of member economies in agreed high-priority areas of inclusive and sustainable growth. It will also fund research conducted by the APEC Policy Support Unit to bolster joint work towards these goals.
“APEC’s role in fostering cooperation, driving innovation, and learning from shared challenges is essential for building a more sustainable, resilient, and inclusive future,” said Jonathan Chien-Yuan Sun, APEC Senior Official for Chinese Taipei.
“Chinese Taipei’s financial contributions to APEC’s capacity-building projects demonstrate our firm commitment to advancing its long-term goals of building innovative, secure, balanced, sustainable, and inclusive growth across the Asia-Pacific,” Sun added. “We look forward to continuing our support of APEC's project activities which are vital for building capacity and helping APEC members achieve our common goals.”
“The APEC Secretariat appreciates Chinese Taipei’s contributions to the APEC Support Fund, including the Human Security, Digital Innovation, and Women and the Economy Sub Funds, as well as the Policy Support Unit,” stated Dr Rebecca Sta Maria, executive director of the APEC Secretariat. “These contributions to capacity building initiatives within APEC enhance collaborative policy development and implementation, benefiting all member economies.”
APEC projects rely on funding from member economies. While each economy typically provides the necessary contributions for project execution, some members also make additional endowments to expedite specific initiatives.
“The emerging agreements and complementary trade measures being pursued in the Asia-Pacific are ambitious and hold the potential to create significant new economic opportunities for individuals and businesses throughout the region,” Dr Sta Maria concluded. “Creating more integrated and sustainable economies is a complex challenge that demands high levels of coordination and expertise, both within and among economies.
APEC members support approximately 100 projects annually to close knowledge and resource gaps and achieve shared goals. In 2024, over USD 19 million has been made available for funding capacity building initiatives like technical workshops, training sessions and research. Since APEC began its project work and established a Secretariat in 1993, more than 2,500 projects have been carried out, with as many as 150 projects potentially underway at any given moment.
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media@apec.orgAn ordinary person reflects on the hidden costs of neglecting global cooperation and discovers what they can do about it.
It was 7:30 in the morning when Matthew woke up to an unusually dark sky with big clouds casting heavy shadows over the horizon. After helping his mother set up shop, he rushed to join the morning commute of an already crowded train. Raindrops started to hit heavily on the glass windows as he searched for a pole to grab, but Matthew did not mind. He was safe inside and his thoughts were preoccupied with thinking about a writing task he was given at work: to humanize an important but complicated topic like the APEC Free Trade Area of the Asia-Pacific (FTAAP).
Matthew was concerned that the FTAAP might feel as distant to others as the storm outside. Introduced 20 years ago, the FTAAP is APEC’s ongoing journey to make trade better. Its goals are to make products more affordable, new job opportunities available, and relationships across the region much stronger. Above all, it is a symbol of working together as one community. But, while he knew about its relevance, he was also aware that the FTAAP is largely invisible to the everyday commuter or to the average person on the street. “It just feels irrelevant and foreign,” he muttered.
Neglect always has a price
Scrolling through his social media feed for inspiration, Matthew saw an article that resonated with the FTAAP story: “Neglect often goes unnoticed until it escalates into a crisis.”
“Neglect is something everyone can relate to,” it dawned on Matthew. Procrastinating on a project and missing a deadline, letting emails pile up, and ignoring chores until someone notices are moments when he traded short-term convenience for long-term harm.
“Often, it’s easy to dismiss the consequences of neglecting something until it becomes a bigger issue,” he reluctantly admitted.
Pondering on this thought, Matthew realized that failing to nurture what the FTAAP symbolizes would also have consequences. This is a real problem amid an increasingly divisive world.
Matthew anxiously recalled his conversation with his mother this morning when she shared her unease about prices going up at their local grocery store and how that makes it difficult to manage their weekly budget.
The warning signs were already there. When governments impose higher taxes on imported goods, it often translates to more expensive products in the market. When governments increase trade restrictions, it can lead to half-empty store shelves or less variety from which to choose.
The price of neglecting the FTAAP was close to home. But as Matthew glanced at others around him, he understood that not everyone would feel it the same way. For instance, costlier food and clothes can make it more difficult for his mother to raise him and his little sister. Longer waiting times for products to be shipped can make businesses struggle and place people’s jobs at risk, while divisive rhetoric can potentially alienate communities. Amid his reflections, Matthew recalled a study that he read, which emphasized a key point: in a divisive world, nobody wins.
Every action counts
Matthew’s reflections made it clear to him that neglecting the FTAAP had tangible consequences. More importantly, it made him realize that the future of trade should not be about borders, rather it was about cooperation. But this realization sparked a bit of doubt: “What could he possibly do to help when he is just an ordinary person?” Unsure about what he could do, Matthew messaged his colleagues. What they told him were three practical things.
1. Stay informed
The most reliable source, of course, would be APEC itself, which publishes reports related to the FTAAP. One study highlighted that, over the last 20 years, APEC has advanced the FTAAP agenda across many fronts, including trade measures, services, investment, and other topics like inclusivity, digital trade and the environment. Also mentioned were the strong role that training had in empowering people’s skills and knowledge and the many discussions held to move this work forward.
These efforts were helpful in developing trade agreements like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In 2022, an APEC study explored the depth of RCEP’s commitment to eliminate tariffs on many products. Recently, APEC also introduced a new plan (the Ichma Statement) to update the FTAAP work and ensure that it remains effective in today’s evolving trade landscape.
2. Join the conversation
Many of the values that the FTAAP stands for are universal. And many of the consequences of neglecting the FTAAP, like higher prices, complex regulations and struggling businesses, are shared experiences. This means that conversations are out there, whether through social media platforms, academic channels or casual discussions among friends and family. Regularly exchanging ideas helps strengthen critical thinking and builds a sense of ownership for what the FTAAP represents.
3. Responsibly advocate for what the FTAAP symbolizes
Staying informed and joining conversations are worthwhile first steps. However, driving changes as an ordinary person is done best by responsibly lending one’s voice. Advocating for what the FTAAP symbolizes could involve actively engaging with policymakers and local leaders, fostering discussions in class or integrating relevant values into one’s business.
Reading through his colleagues’ responses, Matthew felt a sense of hope and relief. Although it does seem simple, these actions are something that he could do. He believes that with awareness, he too could contribute one small action at a time. Refreshed, his first step was to share his reflections and realizations with others—to make his voice heard.
"I’m not powerless,” he told himself. And as he stepped off the train, Matthew saw the sun breaking through the once dark clouds and a bright sky greeting him. Finally, the rain has cleared. |
