Asia-Pacific Leaders Meet in the Cloud to Together Plan a New Vision for Asia-Pacific Economic Development | Malaysia

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Original title: Jointly planning a new vision for the economic development of Asia and the Pacific

Source: Economic Daily

The 27th Asia-Pacific Economic Cooperation (APEC) Informal Leadership Meeting was held on 20 November for the first time via video. Leaders from the Asia-Pacific region met in the cloud to collectively assess the implementation of the “Bogor Goals” and jointly plan a new vision for the development of the Asia-Pacific economy.

　　The economy needs an urgent recovery and calls for solidarity and cooperation

At present, on the one hand, the worldwide spread of the new corona pneumonia epidemic has stalled the globalization process, and some countries have even insisted on pursuing unilateralism and protectionism; on the other hand, advocates of multilateralism represented by ASEAN and China have recently signed the “Regional Comprehensive Economic Partnership”. The Relations Agreement (RCEP) has strongly promoted the deepening of globalization. At a historic decision-making moment where new challenges and opportunities coexist, where will the Asia-Pacific region reach a new crossroads? Can the APEC ship anchor the correct course for the “post-Bogor target era”?

Faced with this situation, the APEC Business Advisory Council (ABAC) issued a statement on the eve of the informal leadership meeting, in which it called on the countries and regions of the region to unite and cooperate in response to the epidemic. , actively demonstrate the region’s commitment to deepening international cooperation and strive to promote the region’s economy. Continuous recovery and regional integration.

ABAC President Rohana said that the Asia-Pacific region faces a double crisis of public health and economic growth that it has not faced in a century, and it is urgent to strengthen cooperation and collective action. Executive Director of the APEC SecretariatRebecaHe said that the economic recovery of the Asia-Pacific region must adhere to shared prosperity. “The new vision aims to create a more resilient and inclusive Asia-Pacific economy, and cooperation must play a central role in this process.”

Many highlights of cooperation show bright prospects

First, strengthening cooperation against epidemics remains the most urgent task today and is also a basic prerequisite for the recovery of the Asia-Pacific economy. APEC data shows that under the impact of the epidemic, the economic growth rate of the Asia-Pacific region in the first half of 2020 was -3.7%, the first negative growth in more than 30 years. . Consumption and investment contracted by 7.1% and 11.2%, respectively, and the unemployed population exceeded 74 million. The ABAC statement noted that many countries in the Asia-Pacific region lack access to sufficient key medical supplies and service channels to combat the epidemic, and the road to recovery remains difficult. Accelerating research and development of vaccines, ensuring the normal functioning of the supply chain, and strengthening communication and coordination of preventive measures between countries will remain the focus and difficulty of cooperation against the epidemic in the future.

For this reason, how to stay open as much as possible, effectively prevent and control the spread of the epidemic and carry out cooperation against the epidemic will become one of the focuses of discussion at this meeting. Azmin, Senior Minister and Minister of International Trade and Industry of Malaysia, the rotating chair of APEC, said that adhere first to security, the orderly opening of borders, control of the flow of people, encouraging the resumption of work and production, etc. will become the top priority of all members in coordinating action against the epidemic. weight. Andrés, an analyst with APEC’s Policy Support Group, who participated in the drafting of the new vision paper, said that in the initial stage of the outbreak, the vulnerability of a few countries has just exposed the long-standing unbalanced development of the region, manifested in the medical field. Particularly prominent, the next stage of cooperation against the epidemic must pay special attention to the fairness of the distribution of results.

Second, trade and investment cooperation will strengthen economic resilience and contribute to the integration of Asia and the Pacific. Since APEC established the “Bogor Goals” in 1994 to achieve trade and investment liberalization by 2020, APEC economies have long led the world in average annual economic growth and trade and investment growth. For example, the average tariff rate fell from 13.9% to 5.2% and the volume of foreign direct investment attracted an average annual growth rate of 10.8%. However, today’s global economy is facing downward pressure, while at the same time overlapping the negative impact of the epidemic, threatening regional trade and investment, staff mobility, and chain security and stability. of value. In particular, the multilateral trading system with the World Trade Organization as its central axis is affected and the process of economic integration of Asia and the Pacific I met new resistance.

To this end, this APEC meeting will firmly maintain the general direction of open and integrated development in Asia-Pacific, give positive signals to build an open Asia-Pacific economy, emphasize adherence to the important position of the WTO in the multilateral system. trade and will resist protectionist words and actions that undermine international competition. Promote members to integrate into the global supply chain, industrial chain, and value chain to ensure they are at the forefront in promoting trade and investment liberalization and facilitation. Azmin said that there is a need to intensify efforts to support a well-functioning and rule-based multilateral trading system and to firmly advance the development agenda of the WTO. Rohana stated that ABAC has suggested to the informal meeting of leaders that it is necessary to accelerate the establishment of an Asia-Pacific free trade area with integration, innovation and tolerance as core values, promote regional economic integration and establish a broader and more important element based on RCEP. Increasingly influential free trade areas of Asia-Pacific, this beautiful vision is expected.

Third, bridging the digital development gap is expected to become a new high point of deepening cooperation on sustainable development in Asia and the Pacific. For a long time, Asia-Pacific cooperation has been able to take into account heritage and innovation and promote trade and investment liberalization and facilitation and the “double push” of economic and technological cooperation. Today, the digital economy is unlocking the potential driven by innovation on a global scale. APEC’s willingness to implement the Internet and Digital Economy Roadmap in a balanced manner, improve the digital infrastructure in the region, strengthen the use of new technologies by members, and cultivate new engines of development in the Asia region and the Pacific is increasingly urgent.

However, the existence of the digital divide also makes the sustainable development of the Asia-Pacific region face new challenges. Rohana specifically noted that the epidemic not only highlights the importance of digital interconnection, but also reminds people to pay attention to the differences between countries and groups in terms of Internet penetration and digital skills, and to prevent the development of the digital economy in the region is polarized or struggles separately from the source. . Andrés stated that this conference will focus on how to make digital tools and information infrastructure services more accessible for poor, low-skilled and vulnerable groups, to better adapt to online learning, remote office, management of the cloud and the need for transactions prevents further expansion of the digital divide and triggers new imbalances in development.

Maintain the “APEC approach” to play a bigger role

Whether it is the most urgent cooperation against the epidemic, trade and investment facilitation or digital construction, it is only one aspect of the overall goal of the Asia-Pacific economy to recover and move towards further development. To achieve the above goals, consolidate the position of the Asia-Pacific region as the engine of globalization and play a greater role in the sustainable development of humanity, it is necessary to uphold APEC’s approach of mutual respect, equal treatment , consensus and autonomy. “It means that exchanges and cooperation between members must respect diversity and flexibility, focusing on gradualism and openness. As Rohana said:” What we want to build is an Asia-Pacific that can work together to meet the challenges. , an Asia-Pacific that values ​​mutual aid and respect for the differences of others, and an Asia-Pacific that aims to achieve greater integration and equity. “

In this process, China has always been a strong advocate, participant, and contributor to Asia-Pacific cooperation, and all parties also expect a greater role from China. In 2019, China proposed building an Asia-Pacific community with a shared future that is open and inclusive, innovative growth, interconnectedness, and mutually beneficial cooperation, and will become a concrete manifestation of a community with a shared future for humanity in Pacific Asia. APEC’s recently released “Regional Trends Analysis” noted that some Asia-Pacific economies, represented by China, took the lead in controlling the epidemic and released signs of recovery, which are expected to boost economic growth in the region. region to a 5.2% recovery in 2021. In the APEC “post-Bogor Goal Era”, China will continue to engage extensively and deeply in APEC cooperation in various fields, and take concrete actions to promote the recovery of the economy of Pacific Asia.

Editor in charge: Li Ang