APEC Summit: Russia Presents Initiative to Develop Transport Corridors
07:29 18.11.2023 (Updated: 11:11 18.11.2023)
© Sputnik . Sergey Subbotin
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The Asia-Pacific Economic Cooperation (APEC) is a trade and economic forum of 21 countries in the Asia-Pacific region that aims to improve regional economic integration. From November 11 to 17, San Francisco, California, hosted this year's APEC Summit.
Russia presented its initiatives to develop transport corridors, Deputy Prime Minister Alexei Overchuk, who led the Russian delegation, said during the Asia-Pacific Economic Cooperation (APEC) summit.
"We stressed the importance of maintaining uninterrupted supply chains. And we also presented to economic leaders our initiatives in the area of connectivity, as well as investment and development, building and improving our railroad infrastructure," Overchuk told reporters.
He noted modernization and improvement of the route in the eastern part of Russia, which will be able to maintain flows of goods from the Asia-Pacific region to the West.
"We also presented to economic leaders our initiative to create a North-South Corridor with the Baltic Sea and the Persian Gulf," Overchuk said.
New Era of Investment, Economic Growth and Free Trade
The heads of delegations to the Asia-Pacific Economic Cooperation (APEC) summit called for a new era of investment, economic growth and energy access in the region, according to the leaders' final declaration following the summit.
"We endeavor to unleash a new era of decent jobs, investment, economic growth, and ensure energy, security, resilience, and access in the region," the document, obtained by Sputnik, said.
According to the declaration, recall on wasteful consumption of energy and that efforts should continue in an accelerated manner.
"We recall our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, while recognizing the importance of providing those in need with essential energy services. To reach this goal, we will continue our efforts in an accelerated manner," the document reads.
The heads of delegations at the Asia-Pacific Economic Cooperation (APEC) summit supports a free, open, fair and predictable trade and investment environment.
"We reaffirm our determination to deliver a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment," they stated.
APEC is a trade and economic forum of 21 countries in the Asia-Pacific region. This year's summit in San Francisco, California, was held November 11–17.
APEC facilitates the movement of goods, services, investment and people across borders by expediting customs clearance and standardizing procedures throughout the region.
