Political leaders in Asia Pacific have pledged to improve the performance of supply chains in the region by 10 per cent by the end of 2015.
At the Asia Pacific Economic Cooperation (APEC) leaders’ meeting in Beijing, China this week, the region’s politicians committed to building capacity and offering technical assistance projects to meet the target. They also welcomed the establishment of the APEC Alliance for Supply Chain Connectivity to support the aim.
A declaration following the summit also called for increased resources for the APEC Supply Chain Connectivity Sub-Fund to be able to meet this goal. A network has also been set up to work on making supply chains more sustainable.
The leaders also promised to implement the World Trade Organization’s Trade Facilitation Agreement, which aims to speed up the movement of goods around the world and details co-operation measures between customs and authorities.
APEC has 21 members, accounting for around 44 per cent of world trade. The organisation was set up in 1989 to improve economic growth and prosperity in the region, and members include Australia, China, Russia and the US.