Most of ASEAN’s member states are part of APEC. To thrive in a new multipolar world order, alignment in strategy between the two overlapping groups is key.
By Arrizka Faida
Leaders gathered in Lima earlier this month for the APEC Economic Leaders' Meeting during the forum's multi-event annual summit. Source: APEC.
The 2024 Asia-Pacific Economic Cooperation (APEC) Summit that took place earlier this month in Lima, Peru, set the stage for a confluence of dynamic and diverse agendas from nations of the Association of South-East Asian Nations (ASEAN), a regional club of 10 countries.
With a focus on sustainable growth, digital integration, and resilient regional economies, ASEAN’s Vision 2025 aligned with APEC’s 2024 theme: “Empower. Include. Grow.”
What is APEC and Why Does It Matter?
The Asia-Pacific Economic Cooperation (APEC), an inter-governmental forum of 21 countries on multiple continents, is of particular importance to ASEAN – half of its 12 founding members are ASEAN countries (Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand).
Since APEC’s establishment in 1989, in response to the growing interdependence of Asia-Pacific economies and the need for a forum to discuss economic cooperation, one additional ASEAN member state, Vietnam, has joined. That means 70% of ASEAN’s full members today are part of APEC.
All 21 member countries collectively represent 62% of global GDP, 48% of global trade, and 2.95 billion of the world's population. The forum is unique as it operates on the principles of non-binding commitments and consensus-based decision-making, promoting voluntary cooperation rather than legally binding agreements.
For ASEAN, APEC complements its single-market integration efforts, dubbed the ASEAN Economic Community (AEC), by enabling member countries to engage as a group with larger economies like the U.S., China, Japan, and Canada to promote fair trade, greater investment, and technology transfer. Between 1989 and 1993, APEC accounted for 60% of ASEAN’s total exports and 64% of its imports. Programs under APEC, such as the APEC Business Advisory Council and the Bogor Goals, reduce trade barriers and achieve free and open trade for developing economies.
APEC also supports functional initiatives like harmonizing customs procedures and promoting regional supply chain resilience which is critical for trade-dependent nations like Vietnam and Thailand. Moreover, APEC supports collaboration on emerging global challenges such as digital integration with initiatives like the Cross-Border Privacy Rules System, which aligns closely with ASEAN’s efforts to build a strong digital economy, protecting cybersecurity and data flow across borders.
APEC’s ability to drive progress on trade liberalization, supply chain resilience, and digital integration offers unique value to ASEAN economies. All the Southeast Asian APEC members – Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam—sent heads of state or government except for the Philippines; President Ferdinand “Bongbong” Marcos, Jr., sent Acting Secretary of Trade and Industry Cristina Aldeguer-Roque.
The importance of multilateral forums like APEC has grown even more pronounced as some ASEAN members, including Indonesia, Malaysia, and Thailand, increasingly engage with BRICS, another intergovernmental organization. APEC can stay relevant by addressing emerging priorities, such as the green transition, digital economy standards, and inclusive growth while leveraging its non-binding, consensus-driven framework to accommodate the diverse interests of its 21 member economies. APEC must deliver practical, measurable outcomes that resonate with ASEAN’s economic aspirations. This includes prioritizing fair and inclusive trade, climate-resilient infrastructure investments, and supporting small and medium enterprises (SMEs) through technology transfer and capacity-building programs. By evolving to address both traditional and contemporary challenges, APEC can reinforce its relevance in an increasingly multipolar world.
Here's what leaders of ASEAN member states highlighted at the multi-event summit, and how the national strategies of ASEAN countries align with APEC interests, providing opportunities for leverage:
ASEAN’s Contributions and Objectives at APEC 2024
1. Brunei Darussalam: Maritime Cooperation and Halal Food Exports
Brunei Darussalam’s engagement at APEC 2024, represented by Sultan Hassanal Bolkiah, shows the country’s intent to strengthen its economic and geopolitical position while promoting ASEAN’s collective interests.
In bilateral talks with Vietnam’s president, Sultan Bolkiah reaffirmed a commitment to deepening their comprehensive partnership. The two leaders cooperate in key areas, including energy, Halal food processing, and tourism, alongside the implementation of their Comprehensive Partnership 2023–2027 action plan.
From left to right: Sultan Hassanal Bolkiah of Brunei, Peruvian President Dina Boluarte, and Prince Abdul Mateen Bolkiah of Brunei arriving at the APEC Economic Leaders' Meeting. Source: APEC.
Brunei’s focus on maritime collaboration, such as renewing a fisheries hotline agreement and facilitating fishing permits for Vietnamese vessels, demonstrated a balanced mix of economic pragmatism and diplomatic finesse. Both sides reiterated ASEAN’s centrality and the importance of resolving disputes in the East Sea under international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS).
Sultan Bolkiah also met Malaysia’s Prime Minister Anwar Ibrahim to explore opportunities for collaboration in emerging technologies and education. Discussions centered on equipping Brunei’s youth with skills in artificial intelligence and semiconductors.
2. Indonesia: Promoting Fair Trade and Inclusivity
President Prabowo Subianto called for an open, fair, and rules-based trade system while reaffirming Indonesia’s commitment to multilateral frameworks like the World Trade Organization (WTO). Prabowo outlined three key strategies to achieve this vision.
The first is a call to strengthen cooperation in transitioning to clean energy and building climate-resilient infrastructure. Highlighting the existential threat posed by rising sea levels, he emphasized the urgency of collective action. "We are facing climate change, and many of our islands are threatened by the rising sea level. We are working with many other countries and inviting them to join our collective economic activities," he stated, according to the Presidential Secretariat.
The second strategy is transforming APEC into a "bridge to innovation" by addressing technology gaps and promoting digital inclusivity. Prabowo encourages technology transfer among member economies to drive innovation and position the Asia-Pacific as a leader in digital transformation. Lastly, Prabowo advocated for APEC to serve as a "bridge to greater inclusion," ensuring that all individuals and communities benefit equitably from global development. He pledged Indonesia’s support for advancing better governance and tackling poverty and corruption within the region.
3. Malaysia: Green Innovation and Digital Leadership
Malaysia's Prime Minister, Datuk Seri Anwar Ibrahim is using the APEC forum to rally member economies and accelerate the adoption of sustainability-focused frameworks. Central to Malaysia’s contribution is the presentation of its MADANI Economic Framework and New Industrial Master Plan 2030 (NIMP 2030), an ambitious blueprint for inclusive and green development. Malaysia’s message is clear: as global supply chains pivot towards sustainability and digital transformation, the nation is ready to lead in green growth and digital innovation.
At the APEC CEO Summit, the Prime Minister’s active participation spotlighted Malaysia’s vision for navigating the AI revolution. Speaking as a panelist in the session titled “Opportunities and Challenges in the AI Revolution,” Anwar Ibrahim presented Malaysia’s strategies to harness AI-driven innovation supported by representatives from 17 Malaysian corporations. Malaysia’s participation in the APEC Economic Leaders’ Informal Dialogue and the APEC Business Advisory Council (ABAC) Dialogue highlights its strategic economic priorities, including digital integration, high-quality job creation, and promote technology-driven growth.
4. Philippines: Inclusive Trade and Sustainable Investment
The Philippines reaffirmed its commitment to global trade and economic collaboration during this year’s APEC Summit, represented by the Department of Trade and Industry (DTI) Secretary Cristina A. Roque. The country’s active participation in this year’s APEC aligns with the “Bagong Pilipinas” (New Philippines) agenda, an “all inclusive plan for economic and social transformation.”
Undersecretary Ceferino Rodolfo Gepty, speaking on behalf of Secretary Roque, shows the Philippines’ strong support for multilateral trade frameworks such as the World Trade Organization (WTO). He highlighted the importance of modernizing the WTO’s functions and implementing key agreements, including the Fisheries Subsidies Agreement, e-commerce policies, and measures to facilitate investment.
During the trade and investment discussions, the Philippines advocated for deeper regional integration through frameworks such as the Free Trade Area of the Asia-Pacific (FTAAP). Gepty urges the value of leveraging agreements like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to harmonize regional trade rules.
5. Thailand: Green Transition and Regional Connectivity
Under the leadership of Prime Minister Paetongtarn Shinawatra, Thailand’s centerpiece of engagement was its active endorsement of the Free Trade Area of the Asia-Pacific (FTAAP) and showcasing the ambitious Landbridge Project, which aims to connect the Gulf of Thailand with the Andaman Sea, easing congestion in the Malacca Strait and strengthening regional logistics.
At the final Economic Leaders’ Retreat, chaired by Peruvian President Dina Boluarte, Prime Minister Paetongtarn proposed initiatives such as the Negative Income Tax system to ensure equitable state benefits and the expansion of the APEC Business Travel Card (ABTC), which facilitates seamless travel for pre-approved business visitors. Paetongtarn called for greater mobility measures to support the workforce of tomorrow. Building on the legacy of Thailand’s 2022 APEC Chairmanship, Prime Minister Paetongtarn continued to champion the Bio-Circular-Green (BCG) economy model. At the summit, she urged members to set green transition goals, particularly on carbon credit markets' role in linking incentives to climate objectives. Thailand’s vision extends to food security, calling for adopting advanced agro-technologies to ensure resilience amid global disruptions.
On the summit’s sidelines, Thailand pursued strategic dialogues with key partners, including China, Japan, and New Zealand. With China, both leaders outlined plans to enhance cooperation across key areas, including accelerating the China-Thailand Railway project, new energy, digital economy, and artificial intelligence, and deepening cultural and people-to-people exchanges.
6. Vietnam: Setting the Stage for APEC 2027
This year's APEC Summit is recently-elected Vietnamese President Lương Cường's first attendance at a multilateral forum as state leader. Source: APEC.
Vietnam’s participation in this year’s APEC summit marked the first official visit to Peru for President Lương Cường, elected in October this year. It was also his first attendance at a multilateral forum as state leader. His country is set to host the APEC Summit in 2027.
At the APEC CEO Summit 2024 on November 14, President Cường outlined four priority areas for member economies to address to achieve shared objectives:
Member economies should ensure a peaceful international environment that supports global trade, investment, and economic integration.
Equal access to opportunities must be guaranteed to benefit all nations and individuals from cooperation and development.
Inclusive and collaborative solutions for clean and green energy transitions are vital to addressing climate change impacts effectively.
Disruptive technologies, particularly artificial intelligence, must be developed and applied responsibly and inclusively to become key drivers of economic growth and social progress.
The Vietnamese president also engaged in high-level bilateral meetings during the APEC Economic Leaders' Week, including with President Xi Jinping and U.S. President Joe Biden, with Biden reaffirming support for a strong, independent Vietnam. Cường also met with leaders from Malaysia, Singapore, Australia, Canada, and Russia.
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