Asia-Pacific's role vital to free trade

The Asia-Pacific region is expected to continue driving world economic growth and promoting free trade at a time when many countries are grappling to find ways to push forward globalization. Accounting for about 60 percent of the global gross domestic product, the 21-member Asia-Pacific Economic Cooperation makes up nearly half of the world's trade and 40 percent of its population.

The two-day 25th APEC Economic Leaders' Meeting started on Friday in Da Nang, Vietnam, at a time when globalization faces many challenges. And the meeting has brought together APEC leaders to devise ways to overcome these challenges.

Since the beginning of this year, against the backdrop of a series of "black swan" events - such as Brexit - anti-globalization sentiments and protectionism have been on the rise in many parts of the world, frustrating attempts to narrow the divides brought about by globalization. Black swan events are those that take us by surprise, have major consequences and are later often rationalized, wrongly though, with the benefit of hindsight.