The next Pentagon chief could cement the US’ already hard defence line on China, with one contender suggesting that American forces could bolster deterrence with the ability to “sink all” Chinese vessels “within 72 hours” in the South China Sea.
Michele Flournoy, an undersecretary of defence in the Obama administration, has been touted as a possible defence secretary in the cabinet of US president-elect Joe Biden.
In an article in the journal Foreign Affairs in June, Flournoy said that as Washington’s ability and resolve to counter Beijing’s military assertiveness in the region declined, the US needed a solid deterrence to reduce the risk of “miscalculation” by China’s leadership.
VISION 2040 from this year’s APEC includes:
-Trade & Investiment: reaffirm support for rules of WTO in multilateral trading system -Innovation & Digitalization: strengthen digital infrastructure, accelerate transformation, narrow digital divide, cooperate to facilitate data flow.
APEC PUTRAJAYA VISION 2040
Our Vision is an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.
Remaining committed to APEC’s mission and its voluntary, non-binding and consensus-building principles, we will achieve this Vision by pursuing the following three economic drivers:
Trade and Investment: To ensure that the Asia-Pacific remains the world’s most dynamic and interconnected regional economy, we acknowledge the importance of, and will continue to work together to deliver, a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment. We reaffirm our support for agreed upon rules of the WTO in delivering a well-functioning multilateral trading system and promoting the stability and predictability of international trade flows. We will further advance the Bogor Goals and economic integration in the region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda which contributes to high standard and comprehensive regional undertakings. We will promote seamless connectivity, resilient supply chains and responsible business conduct.
Innovation and Digitalisation:To empower all our people and businessesto participate and grow in an interconnected global economy, we will foster an enabling environment that is, among others, market-driven and supported by digital economy and innovation. We will pursue structural reforms and sound economic policies to promote innovation as well as improve productivity and dynamism. We will strengthen digital infrastructure, accelerate digital transformation, narrow the digital divide, as well as cooperate on facilitating the flow of data and strengthening consumer and business trust in digital transactions.
Strong, Balanced, Secure, Sustainable and Inclusive Growth: To ensure that the Asia-Pacific region is resilient to shocks, crises, pandemics and other emergencies, we will foster quality growth that brings palpable benefits and greater health and wellbeing to all, including MSMEs, women and others with untapped economic potential. We will intensify inclusive human resource development as well as economic and technical cooperation to better equip our people with the skills and knowledge for the future. We will promote economic policies, cooperation and growth which support global efforts to comprehensively address all environmental challenges, including climate change, extreme weather and natural disasters, for a sustainable planet.
To maintain APEC’s unique position as the premier forum for regional economic cooperation as well as a modern, efficient and effective incubator of ideas, we will embrace continuous improvement of APEC as an institution through good governance and stakeholder engagements. We will advance the APEC Putrajaya Vision 2040 with a spirit of equal partnership, shared responsibility, mutual respect, common interest, and common benefit. We will achieve the Vision by 2040, with an appropriate implementation plan and review of its progress.
China and 14 Asia Pacific economies (Indonesia, Malaysia, Philippines, Thailand, Singapore, Brunei Darussalam, Cambodia, Laos, Myanmar, Viet Nam, Japan, Korea, New Zealand, Australia) on Sunday officially signed the RCEP, which is said to be the world’s largest trade pact, in a virtual ceremony. The signing of the RCEP would help the Asia Pacific region take the global lead in recovering from the COVID19 pandemic and reduce US hegemony in the region.
The deal will create what is believed to be the world’s largest free trade zone, covering about one-third of the world’s total population and GDP. It will be also Japan’s first free trade framework with its vital trading partners China and South Korea.
