Minister of Trade Zulkifli Hasan, known as Zulhas, is urging the Asia-Pacific Economic Cooperation (APEC) to play a pivotal role in navigating the region towards inclusive and interconnected economic growth. A primary effort in this direction is the discussion of the Free Trade Area of the Asia-Pacific (FTAAP) agenda. Speaking at the 30th APEC Ministers Responsible for Trade Meeting in Arequipa, Peru, on Sunday (May 19, 2024), Zulhas emphasized the importance of APEC in leading efforts to achieve inclusive and interconnected economic growth, with FTAAP serving as a key driver of regional economic integration. According to him, FTAAP should complement APEC in enhancing trade and investment. "APEC is seen as an incubator of ideas, and FTAAP should be viewed as a catalyst for these ideas," Zulhas stated.
To achieve these objectives, Zulhas outlined several crucial points. First, cooperation must be at the core of FTAAP, which distinguishes FTAAP amidst numerous regional initiatives. "Although many differences are identified in various trade agreements and initiatives among APEC economies, we need to focus on addressing these through FTAAP," he explained. Therefore, investing in capacity building is essential to foster convergence, especially for developing and less developed economies in APEC. Second, discussions on FTAAP require a more balanced and flexible approach to address the differences in capacities and capabilities of APEC economies in implementing the FTAAP agenda. Third, the benefits of FTAAP need to be distributed equitably and mutually beneficial for all economies. This condition is expected to assist developing economies in achieving Sustainable Development Goals. "Hence, FTAAP can enhance inclusivity and sustainable development by ensuring that no one is left behind," Zulhas stressed. Additionally, Zulhas highlighted that the existence of FTAAP should complement APEC in boosting trade and investment. "APEC is viewed as an incubator of ideas, and FTAAP should be seen as a catalyst for these ideas," he reiterated. Through collaboration and investment in capacity building, APEC can help bridge the differences among its members and ensure that the benefits of FTAAP are distributed equitably, supporting inclusivity and sustainable development in the region.
