Golden Gate Declaration

Source- This post is based on the article “APEC summit | APEC leaders conclude 30th meeting with Golden Gate Declaration” published in “Wion” on 18 November 2023.

Why in the News?

The 30th Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit 2023, held in San Francisco, United States, concluded with the adoption of Golden Gate Declaration.

What is APEC?

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What is the Golden Gate Declaration?

1. Adopted at the 30th APEC Economic Leaders’ Meeting held in San Francisco, USA.

2. This declaration builds upon previous APEC work and focuses on key areas such as resilience, sustainability, interconnection, innovation, and inclusion.

3. Objective – The declaration underscores the commitment to “Creating a resilient and sustainable future for all”

Following commitments have been made by the member countries in the declaration:

1. San Francisco Principles– These principles focus on integrating inclusivity and sustainability into trade and investment policy. They are part of broader commitment made in Golden Gate declaration.

2. Multidisciplinary investment environment– In the Golden gate declaration document the leaders have reaffirmed their determination to deliver a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment.

3. Commitment to WTO Reform and trade -The leaders reaffirm the importance of the rules-based multilateral trading system, with the World Trade Organization (WTO) at its core, which continues to catalyze region’s extraordinary growth. The declaration seeks to reform WTO by 2024.

4. Free Trade Area of the Asia-Pacific- They will support further economic integration in the region in a manner that is market-driven including work on free trade in the region.

5. Strengthening supply chain– They reaffirm their commitment to keep markets open and address supply chain disruptions by building secure, effective, resilient, sustainable, and open supply chains.

6. Renewable energy capacity building– They will pursue and encourage efforts to triple renewable energy capacity globally by 2030 .

7. Food Security Roadmap– They commit to fully implement the Food Security Roadmap Towards 2030 as a pathway to make our agri-food systems more resilient, productive, innovative, and sustainable.

8. MSME Expansion – They will extend their support MSMEs to expand into regional and global markets, including by integrating into global value chains, through collaboration with large enterprises, and through the use of digital tools and technologies.

9. Digital Transformation and Ecosystem– They reaffirm their commitment to create an enabling, inclusive, open, fair and non-discriminatory digital ecosystem for businesses and consumers.

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