TWENTY-ONE member nations of the Asia-Pacific Economic Cooperation (APEC) community are currently meeting in Peru under the theme, “Empower. Include. Grow” with the aim of further integrating the economies of the countries in and around the Asia-Pacific for greater common progress and prosperity.
APEC started in 1989 in response to the growing interdependence of Asia-Pacific economies and mushrooming regional trade blocs and as a new market for the members.
It is important for Filipinos to be reminded that the trade and economic relations the country is involved with should be top priority for the nation.
But sadly, this is being forgotten the past two years in particular with the intervention of the U.S. to disrupt Philippine national unity and divert national energies to internal conflict (as in the Quadcomm inquisitions raging now) and regional tensions being exacerbated by the SCS dispute with China, thru “lawfare” (the 2016 arbitration ruling and now, our new maritime laws).
In APEC, Asia, Latin America and ASEAN, except for the Philippines, are focused on advancing economic prosperity.
The APEC 2024 in Peru highlights the “new Galleon Trade route” once proudly based in the Philippines but replaced by the “Shanghai to Chancay Port” route.
President Xi Jinping of China is to inaugurate the $3.5-billion Chancay Port during APEC, cutting shipping time from Asia to Latin America from 40 days to 23 days to further hasten access to the vast market of Latin America to Asia.
The Chancay Port project in Peru is a Belt and Road Initiative (BRI) of China. This is where the world can witness the unfolding of the global plan of infrastructure investments and development transform economies and nations stuck in centuries of snail-paced economic development caused by suppression, oppression and parasitic exploitation by Western powers. This project would help the “poor” members of APEC to pursue fast-paced agricultural and industrial development possible thru market accessibility.
Way back in the 2014 APEC meet, President Xi said, “We are duty-bound to create and fulfill an Asia-Pacific dream for our people. This dream is about acting in the spirit of the Asia-Pacific community and out of a sense of shared destinies, following the trend of our times: peace, development and mutually beneficial cooperation and jointly working for the prosperity and progress of our region.”
This year, in the 31st APEC Summit, President Xi is cutting the ribbon for Latin America to realize this common dream.
Aside from Peru, Chile, Brazil, Colombia and Ecuador will be expanding by multiple-fold their combined export of $135-billion to China, thanks to this BRI port project.
The Philippines opted out, or was forced to be out, by the US, from the BRI in 2023, after the “staged” SCS clashes our Philippine Coast Guard initiated against the Chinese Coast Guard. Our being out of BRI is a blow to Philippine economic development and progress from which it is has never recovered.
Bongbong Marcos, Jr. and his US proxy minions are made to expect alternative economic development support from the US, Japan and, at that time, India.
Now India is leaving the US-Japan alliance gradually to join RCEP (Regional Comprehensive Economic Partnership) led by China even as the US denied us an FTA (Free Trade Agreement). Japan, meanwhile, is teetering on the precipice of a recession and therefore cannot also help us grow our economy.
These miscalculations by US local proxies just doomed the Philippines.