The final conferences for the Asia-Pacific Economic Cooperation (APEC) took place in the form of the Economic Leaders’ Meeting held at the Philippine International Convention Center in Pasay, Metro Manila, last week, on Nov. 18 to Nov. 19, 2015.
The APEC, a multilateral international organization that was founded in 1989, has met on an annual basis for the past two decades, and looks toward fostering economic prosperity and free trade among its member-economies within the Asia-Pacific region. APEC is composed of 21 member-economies spread throughout North America, South America, Asia, and Oceania. The countries that constitute these member-economies make up an estimated 40 per cent of the world’s population, participate in approximately 45 per cent of world trade and produce around 58 per cent of global GDP.
Influential leaders of note in attendance at this year’s APEC summit were Canadian Prime Minister Justin Trudeau, U.S. President Barack Obama, Chinese President Xi Jinping, and Japanese Prime Minister Shinzo Abe, among others.
Leaders in attendance were gifted with specially designed Barong Tagalog – a part of the traditional formal Filipino dress – and were treated to an assortment of cultural displays that included dance performances and fine cuisine.
While important political leaders participated in the events on Nov. 18 and Nov. 19, 2015, CNN Philippines reported that, for the most part, politics took a backseat in favour of focusing upon economic issues. Separate bilateral diplomatic meetings, however, did take place amongst the leaders, and themes such as food security, poverty, climate change, continuous economic growth, the world economy outlook, and countering terrorism were discussed.
“No nation is immune to the consequences of a changing climate,” said President Obama, who participated in key bilateral discussions.
“Taking innovation as a central theme […] the best ideas and the most innovative solutions to the problems we face, may come from the smallest enterprises, from non-profit institutions, and even, hopefully, from government,” said Filipino President Benigno Aquino III, according to a report released by CNN Philippines, in his speech at the APEC Small-Medium Enterprises Summit, which took place on Nov. 17, 2015, just before the Economic Leaders’ Meeting. “[…] whether we live in the Philippines, Korea, Papua New Guinea, Mexico, Russia, or any other member-economy, each and every citizen has a paramount contribution to progress.
“Each and every one has the capacity to bring about positive change. Whether we lead governments or businesses, when we work hard to ensure that every person is empowered to realize that inherent capacity, we are creating drivers of growth. We are enabling partners who will work with us, towards realizing the stability, security, and prosperity to which we all aspire.”
Approximately ₱10 billion ($283,718,200 CAD) was allotted for the APEC summit. Former Filipino budget secretary Benjamin Diokno explained that the ₱10 billion that the government spent in preparation and during the APEC was too much. Diokno stated that it could have been cheaper if the APEC leaders’ meeting had been held outside of Metro Manila.
However, George Manzano, vice dean and professor of economics at the University of Asia and the Pacific, argued that hosting the APEC summit was worth the money. He said that, if the economic leaders sustain open trade and investments, the Philippines and the other member-economies have much to gain.
“It doesn’t come about overnight. It has to be sustained or there should be continuous effort and that continuous effort is reflected in the different countries hosting the talks because you need to gather consensus as you go through the whole process,” said Manzano, in a Nov. 19, 2015 interview with CNN Philippines.