he latest Asia-Pacific Economic Cooperation (APEC) summit will take place on November 18-19 in Manila. This year’s summit takes place under the motto chosen by the Philippines presidency – Building inclusive economies, building a better world.
For a long time trade has been the driving force of economic growth in the Asia-Pacific region and other parts of the world. However, as the effect of tariff liberalisation started to wear off, it became clear that we need additional agreements covering services, investment, non-tariff barriers, competition policy, and subsidies. Of course, we cannot reach such agreements without complicated negotiations and mutual concessions.
Deeper regional economic integration offers us a possible way out of the current situation. Today, Russia and its close neighbours – Armenia, Belarus, Kazakhstan, and Kyrgyzstan – have taken successful steps to develop the Eurasian Economic Union (EAEU).