APEC leaders and their spouses pose for a group photo on Oct 7 2013 in Bali, Indonesia.[Photo / bjreview.com]

Key functions of APEC

APEC leaders conducted extensive discussions on issues most related to the region's growth, agreeing on strategic points about regional development. Indonesian President Susilo Bambang Yudhoyono said the APEC meeting was "successful" and "very productive." Chinese observers believed that APEC's function is irreplaceable in the region, suggesting this inter-governmental organization will play a bigger role after innovations are implemented.

The 21st informal economic leaders' meeting of APEC asserted that a strong multilateral trading system is a key driver for economic growth, job creation and sustainable development. According to a joint declaration of APEC leaders, they remain committed to attaining the Bogor Goals by 2020. The goals, with open and free trade and investment as main objectives, will serve to promote economic cooperation among APEC members in sharing and providing opportunities among stakeholders.

Qu of CIIS pointed out that this year's APEC meeting has revived Asia-Pacific economies' confidence in regional development. The United States has recently delayed its plan to quit quantitative easing, showing a lack of confidence in its domestic economic recovery, added Qu.

The leaders agreed to fight against protectionist and trade-distorting measures while recognizing the Doha Round of multilateral trade talks is at an impasse. The leaders also reached a consensus on speeding up institutional and people-to-people connectivity to improve the business climate, reduce production and transportation costs, and improve supply chains in the region. Qu believed that trade protectionism under the international economic and financial crisis has betrayed the WTO's basic principle of free and just trade. The APEC leaders' decision to deepen multilateral trade is very significant ahead of the upcoming WTO ministerial meeting.

Vice President of CIIS Ruan Zongze stressed that pursuing the Bogor Goals is highly important to the organization. He pointed out that trade protectionism has emerged in various countries and regions in the post-crisis era. In protesting trade protectionism, APEC has boosted its cooperative momentum and promoted its future global economic function, Ruan added.

In 1994, APEC members convening in the Indonesian city of Bogor set the goal of free and open trade and investment in the Asia-Pacific region, which has since remained the impetus behind APEC's agenda. The Bogor Goals, which acknowledge members' varying levels of socio-economic development, set 2010 for developed members and 2020 for developing members as timelines to achieve free trade and investment. According to a 2012 progress report issued by APEC Policy Support Unit, the average tariff in the region has been reduced from 17 percent in 1989 to 5.8 percent in 2012, much lower than the average 10.3 percent in other regions. APEC member economies have been working to open their service trade, improve investment conditions, align with international standards, strengthen intellectual property rights and competition systems, and push for regulatory reforms in past years.

The Asia-Pacific's contribution to the world economy is self-evident. APEC's 21 member economies are expected to grow by 6.3 percent in 2013 and 6.6 percent in 2014, according to the International Monetary Fund (IMF). In July, the IMF revised downwards its growth forecasts for global output. World GDP is expected to grow 3.1 percent in 2013 and 3.8 percent in 2014.

The 2014 APEC meeting will be held in Beijing. China hopes to use that opportunity to work closely with all parties to encourage APEC economies to build closer partnerships and make APEC play a greater leadership role in mapping out the long-term development goals of the Asia-Pacific region, Xi said.

In 2001, the APEC meeting was held in Shanghai under the theme of Meeting New Challenges in the New Century: Achieving Common Prosperity through Participation and Cooperation.