SYDNEY, Oct. 27 (Xinhua) -- Multilateralism is critical to ensuring the Asia-Pacific region's continued development and prosperity in an era of global policy uncertainty, and China will play a key role in this process, said a renowned Australian economist.
Multilateralism is central to the prosperity of the Asia-Pacific because there are a number of economies in the region with very different backgrounds, endowments, political systems and institutions, said Peter Drysdale, head of the East Asian Bureau of Economic Research at the Australian National University (ANU), in a recent interview with Xinhua at his office in Canberra.
The multilateral system has enabled them to prosper through international trade, investment and technology transfer, he said.
It is also the central focus of APEC's mission, and the platform is founded on the core idea of open regionalism, grounded in adherence to WTO principles, said Drysdale, who is also emeritus professor of economics at ANU.
"Of course that system is now under challenge. The rules have been threatened by the policy interventions of a number of countries. And we have to examine how to work through this period," Drysdale said.
"It's a tough period. And institutions like APEC will be critical to working it through," he added.
The Australian economist noted that one priority is to assert the continuing relevance of the multilateral principles at the base of APEC, both in words and in actions.
"That means not retreating into discriminatory trading arrangements, even though there's great pressure from the big powers now," Drysdale said.
Commenting on China's active efforts to uphold multilateralism, Drysdale said that having China as an important bulwark of the multilateral system, and taking actions consistent with the principles that China continues to enunciate of the importance of that system, are "central to managing the problems we have."
"What we have an interest in is doing the best we can to protect the multilateral system and China's place in it, because China's growth and prosperity and its future growth and prosperity will be important to the growth and prosperity of the whole region," he said.
Looking ahead to the upcoming 32nd APEC Economic Leaders' Meeting in South Korea, Drysdale noted that the gathering is expected to focus on innovation, connectivity and sustainability -- issues of ongoing importance for regional economies and key to advancing their global strategies.
Since its establishment, APEC has served as a key platform enabling parties to address difficult bilateral issues within a multilateral framework, which is essential for regional economic prosperity and political stability, Drysdale said.
"APEC is even more important today than it was at the beginning, because today, that resolution of differences among countries that the APEC framework for discussion and dialogue provides is essential to getting through the difficulties we have to manage today," he said.
Drysdale has authored a large number of academic works on economic cooperation in East Asia and the Pacific, as well as international trade and economic policy. His research has had a profound influence on policymaking in Australia, East Asia and the Pacific. ■