APEC leaders note importance of LNG and gas for region, call for diversifying energy resources in final declaration
GYEONGJU. Nov 1 (Interfax) - Leaders of the Asia-Pacific Economic Cooperation (APEC) member countries recognize the important role of natural gas and LNG in ensuring sustainable and secure access to energy for the region's countries, according to the final declaration of the APEC summit held in South Korea this week.
The document notes the importance of ensuring flexibility in the relevant energy systems.
Meantime, the leaders called on APEC members to diversify their energy sources and energy supply technologies, support necessary investments, and incentivize technological innovation, while promoting the creation of conditions for efficient market operations and the application of market mechanisms, namely improving the architecture of the electricity market and issuing certificates of origin given the growing demand for electricity in the APEC region.
The declaration also notes the importance of improving the region's power grid infrastructure and enhancing its connectivity.
APEC countries also reaffirmed their intention to deepen economic cooperation in order to navigate a changing global environment.
"We will advance economic integration in the Asia-Pacific region based on market principles, namely by establishing a Free Trade Area of the Asia-Pacific," according to the declaration.
The leaders additionally agreed to collaborate to develop artificial intelligence technologies, namely approving an AI initiative to enhance the potential of AI technologies at all levels of the economy and increasing public trust in AI.
Commenting on the summit's results, Deputy Prime Minister Alexei Overchuk, who led the Russian delegation, said that all participants in the association had noted the disruption of old supply chains and international ties and the need to form new ones. Furthermore, changing technological approaches and the demand for modern materials would affect establishing new ties, he said.
"Everyone recognizes that the globalization that has existed to date, and which is now effectively ceasing to exist, was built around resources that were essential for the previous technological order. Today, the new technological order requires new types of so-called critical materials, rare earth elements that should form the basis to create new sustainable value chains," Overchuk told reporters.
"Therefore, supply chains would be restructured, relationships between companies and between people would change, and new centers of economic growth would emerge. All these issues are of course of concern to summit participants," Overchuk said.
The next APEC summit is in China in 2026.
APEC is a forum of 21 Asia-Pacific economies for cooperation on regional trade and investment liberalization. Participants include Australia, Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, Taiwan, Hong Kong, China, Mexico, Papua New Guinea, Chile, Peru, Russia, and Vietnam.
