China: Record Trade with APEC Economies

The tug-of-war between China, the United States, and the European Union is hampering foreign trade in the world’s second-largest economy, and Beijing is targeting Russia and emerging markets in Asia and South America between January and October 2024. China’s trade turnover with Asia-Pacific Economic Cooperation (APEC) countries exceeded 2,910 billion dollars, thus recording a new all-time high.

China Customs wrote in a statement that in the 10 years from 2014 to 2023, “trade between China and APEC economies totaled $30,620 billion.”

The statistics were released just before APEC Summit, which will be held on November 15 and 16 in Lima, Peru, and will be attended by some sixteen heads of state and government and delegates from nineteen countries, including Chinese President Xi Jinping and outgoing US President Joe Biden. Russia will be represented at the APEC summit by Deputy Prime Minister Alexei Overchuk.

Holding an event of this magnitude in South America represents not only an opportunity to address economic and social issues of common interest, but also an occasion to reinforce the central role of the South American subcontinent in the global scenario. The choice of South America to participate in APEC, followed by the G20 meeting to be held in Brazil, recognizes the growing role of this region of the world in global affairs and its contribution to strengthening the Global South, which finds in forums such as APEC and the G20 a space that is definitely lacking in “forums” such as the G7.

APEC, founded in 1989, is an initiative to promote economic cooperation and growth in a geographic region characterized by historical, political, and cultural diversity. This is important because it includes twenty-one economies today: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the USA, and Vietnam, accounting for about one-third of the world’s population, 54% of global GDP, and 44% of international trade.

At the summit, participants can exchange ideas and recommendations without affecting the sovereignty of individual economies. This year’s theme: “Empower, Include, Grow,” proposed by Peru as host country, reflects the priorities of inclusiveness and economic sustainability. Sub-themes include inclusive growth, digitalization, and formalization of the economy, as well as sustainability. This policy aims to guarantee inclusive economic development with the introduction of digital technologies to reduce the informal economy and promote sustainable and environmentally friendly growth.