Minister of Trade Zulkifli Hasan reaffirmed Indonesia's commitment to supporting the World Trade Organization (WTO) and promoting inclusivity in the Asia-Pacific region ahead of the 30th Asia Pacific Economic Cooperation (APEC) Ministerial Meeting in Arequipa, Peru, from May 16-18, 2024. He emphasized Indonesia's intent to strengthen trade, investment, and other economic collaborations to enhance the welfare of the Asia-Pacific community. Zulkifli stated that Indonesia will focus on trade facilitation and inclusivity within the Asia-Pacific region. At the APEC meeting, Indonesia will also reiterate its support for the WTO and participate in discussions on the development of the Free Trade Area of the Asia Pacific (FTAAP). In addition to the APEC meetings, Zulkifli is scheduled to meet with trade ministers from several partner countries, including New Zealand, South Korea, Canada, and Japan. APEC, a regional cooperation forum comprising 21 economies around the Pacific Rim, primarily focuses on trade, investment, and economic cooperation to foster growth and improve prosperity in the Asia-Pacific region.
APEC discussions typically aim at facilitating trade to achieve liberal, inclusive, and sustainable commerce. Although APEC's decisions are non-binding and voluntary, they often hold political significance. APEC economies include Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, the Philippines, Peru, Papua New Guinea, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam. These economies represent 48% of global trade, amounting to USD 28 trillion, and 62% of the world's GDP, totaling USD 59 trillion, with a combined population of 2.96 billion people, or 38% of the global population. For Indonesia, APEC is a vital platform to strengthen its economic position in global trade. In 2023, Indonesia's total trade with APEC economies reached USD 358.62 billion. Indonesia's exports to APEC economies were USD 188.72 billion, while imports amounted to USD 169.89 billion, resulting in a trade surplus of USD 18.63 billion.
