APEC must stay true to principles and agenda

This is an editorial from China Daily.

It would likely be impossible to form from scratch a regional economic and trade mechanism of APEC's scale, inclusivity and influence in a world that is as divisive as it is today.

That the region's economies are pinning high hopes on the Asia-Pacific Economic Cooperation Leaders' Week in San Francisco demonstrates their belief in its objective— to create greater prosperity for the people of the region.

What they must remain true to, if they are to realize that goal, is APEC's agenda of inclusivity, innovation and interconnectedness.

That explains why the world is paying close attention to San Francisco this week, to see if the economies in the world's most dynamic region, particularly China and the United States, can agree on ways to pull together.

It is hoped that they will take advantage of their exchanges in San Francisco to redefine their economic and trade relations, replacing what has been growing confrontation, decoupling and uncertainties with dialogue, cooperation and predictability.

As the world's two largest economies, China and the US reaching agreement on responsibly managing and controlling risks and avoiding conflicts would not only have a positive bearing on the stability and prosperity of the Asia-Pacific, but also the world given the region's global significance.

Both China and the US, as well as other APEC economies, should be mindful that APEC's continued relevance today stems from its steadfast adherence to the principles of coordination, consultation and openness.

It has been under these principles that a unique APEC model has been formed to find ways to resolve differences and build consensus among members at different development stages. Mindful of the differences in culture and the level of economic development, APEC adopted a policy of accommodating latecomers on a voluntary basis, thus effectively bridging possible rifts.

The courage, vision and wisdom contained in APEC's historical legacy should be given full play today, and the focus should be on unanimity not division.

The San Francisco meeting has every reason to realize its potential of generating new driving force for APEC. Both China and the US need to act responsibly in that regard by reconsolidating the world's confidence in multilateralism and economic globalization.