A non-inclusive economic development is “divisive progress” the President asserted, calling for a renewed regional commitment to fair competition and international law.

“The Asia-Pacific region must not accept division as its destiny. We must rise above suspicion and fear, and we must rebuild trust among ourselves and within the global economy,” Prabowo said in his remarks at the Asia-Pacific Economic Cooperation (APEC) Economic Leaders meeting in South Korea on Friday.

The summit in the South Korean city of Gyeongju on Friday was clouded by unease over what the host country called a “critical inflection point” in global trade, as a number of global leaders, including Chinese President Xi Jinping, gathered to advance free trade in the highly contested region.

The APEC grouping, representing more than half of global trade and 61 percent of the world’s total gross domestic product (GDP), has in recent years struggled with weakened growth outlook, owing to lower global demand, reduced trade flows and heightened policy uncertainty sparked by rivalry between the United States and China.

Opening the weekend of trade talks, South Korean President Lee Jae-myung highlighted the rapidly changing global economic order, lamenting the growing worldwide economic uncertainty and the declining trade and investment momentum.

“It is clear we cannot always be on the same side, but we must work together to achieve common prosperity,” Lee said, as quoted by Reuters.

Popular

Prabowo’s leadership challenge and the case for asset forfeiture reform

Pertamina to probe widespread reports of vehicle breakdowns linked to Pertalite

Another fatal building collapse raises alarm over ‘pesantren’ safety standards