LIMA - Leaders of APEC economies said on Saturday that they will accelerate discussions with other World Trade Organization (WTO) members with the view to having a fully and well-functioning dispute settlement system accessible to all members by 2024.
They made the remarks in the 2024 APEC Leaders' Machu Picchu Declaration released following the 31st APEC Economic Leaders' Meeting here.
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According to the declaration, they also reaffirmed their support for the rules-based multilateral trading system with the WTO at its core, and will remain committed to working toward necessary WTO reform, in order to improve all of its functions.
"We will continue working constructively towards the full implementation of the WTO's 13th Ministerial Conference (MC13) outcomes," it added.
They reaffirmed their commitment to enhancing supply chain connectivity to establish secure, resilient, sustainable, inclusive supply chains.
They also reaffirmed their commitment to accelerating the full implementation of the WTO Trade Facilitation Agreement. Moreover, they aimed to enhance transparency, efficiency, and reliability of trade by improving single window systems, digitalizing key processes and promoting cross-border paperless trade.
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Meanwhile, they jointly called for effective multilateral cooperation as areas including trade and investment, environment, food security and energy security are facing challenges.
Unprecedented and rapid changes continue to shape the world today, it said, adding that in this regard, leaders of APEC economies have noted the significant changes affecting areas such as trade and investment, environment, food security and energy security.
"Effective multilateral cooperation is even more important in this context," it noted.
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They also reiterated their commitment to advancing economic integration in the Asia-Pacific region, and continuing to foster a regional trade and investment environment in response to emerging global challenges.
To advance this work, they endorsed the Ichma Statement on A New Look at the Free Trade Area of the Asia-Pacific agenda.