The leaders discussed how to manage the region’s economies through conflict, pandemics, and other dangers to peace and stability.
Leaders from the Asia-Pacific region have called for an end to Russia’s invasion of Ukraine. The majority of the leaders strongly opposed the conflict and the economic instability it has caused.
The APEC Ministers released a statement on Friday asking for a complete withdrawal of Ukraine. However, the first Deputy Prime Minister of Russia, Andrei Belousov, did not admit this at the APEC Summit.
The “immense human suffering” brought on by the war and the “significant consequences for the global economy,” including rising inflation, food and energy insecurity, and disruption of supply chains, were emphasized.
This summit statement was released on Saturday after the APEC summit in Bangkok. There are 21 members of APEC, including China and Russia. Beijing has typically avoided publicly criticizing Moscow over the conflict in Ukraine.
IMF at APEC
Moreover, the President of the International Monetary Fund, Kristalina Georgieva, addressed the leaders in Bangkok. She said “events that none of us saw coming have transformed the world.”
She referred to the COVID-19 epidemic as well as the conflict in Ukraine while talking about the events. “An irreversible loss of economic output, up to 5.3% of the global GDP, has been brought on by the epidemic.
This was even worse in Asia, a strongly integrated region, where the GDP fell by 9%. Additionally, the conflict in Ukraine resulted in a significant shock to oil prices, she continued.
Furthermore, Prayut Chan-o-cha, the host and Prime Minister of Thailand, urged the leaders of the APEC countries to advance the mission of supporting free trade in the Pacific. Prayuth stated, “we must make implementing this strategy our top priority.
In this regard, the countries who were criticizing the Russian invasion did not stop the statements which were against Moscow. Additionally, next year’s summit is scheduled to take place in San Francisco.